President Joe Biden signed a record-shattering military budget earlier this week, and a new analysis published Thursday predicted that if recent contracting trends continue, the Pentagon will funnel $407 billion worth of public funds to private weapons makers this fiscal year—more than the federal government spent when sending $1,400 relief checks to most Americans in 2021.

Stephen Semler, co-founder of the Security Policy Reform Institute, found that “from fiscal year (FY) 2002 to FY2021, 55% of all Pentagon spending went to private sector military contractors.”

“If the privatization of funds rate over the last 20 years holds,” Semler noted, “it means [the] military industry will get about $407 billion from Biden’s first military budget—$16 billion more than the $391 billion those $1,400 stimulus checks cost the government earlier this year.”