Important clarification from @ruthcurtice.bsky.social here on what we mean when we say the peace dividend (ie post Cold War decline in defence spending) has been spent on "welfare" - that includes health and pensions...
In truth, the peace dividend has been spent on the entire welfare state, not working-age social security. Recently the most dramatic increases have been in health. Since 1980, health spending has risen by 4.5% of GDP. Funding also came from low debt interest costs that have also recently reversed.
