A new study estimates the Iraq War will end up costing the United States a total of nearly $2.3 trillion by the year 2016. The estimate is included in a new survey on military spending by the Stockholm International Peace Research Institute. The institute has determined that global military spending topped $1.2 trillion last year. This marks a 37 percent increase over the past 10 years. The U.S. remains by far the biggest military spender and accounts for nearly half of the world’s military spending. Last year the U.S. spent at least $529 billion — more than 10 times what China spent.