"We used to have slack, and productive capacity, but then came private equity and mergers. And now we don’t. The government can’t actually solicit bids from multiple players for most major weapons systems, because there’s just one or two possible bidders. So that means there’s little incentive for firms to expand output, even if there’s more spending. Why not just raise price?" @matthewstoller https://www.thebignewsletter.com/p/why-america-is-out-of-ammunition