Some numbers:
[link|http://www.newdefenceagenda.org/index.html?http://www.newdefenceagenda.org/news_detail.asp?ID=169&frame=yes~main|Here]:
European defense budgets are weighed down with personnel costs at the expense of procurement and research, Keohane said. He cited a 2002 report by U.S. consulting firm McKinsey & Co., which found that EU countries in NATO spent $14,000 per soldier on equipment, while the U.S. spent $44,000. The Europeans spent an average of $4,000 per soldier for research and development, compared with $28,000 spent on the average U.S. soldier.
[link|http://www.aiaa.org/aerospace/Article.cfm?issuetocid=138&ArchiveIssueID=19|Linky 2]:
According to the study, U.S. spending on defense was 3.0% of gross domestic product in 1999, while European countries averaged 2.3%. This compares to 1985 figures of 6.7% for the U.S. and 3.7% for Europe.
[...]
The U.K. also plans to boost defense spending\ufffdfrom $34.80 billion in 2001-2002 to $37.75 billion in 2003-2004. This is the first real increase in U.K. defense expenditure since 1985.
The UK population was [link|http://www.statistics.gov.uk/cci/nugget.asp?id=6|59.6 million in 2003] (giving about $633 per person for defense), compared to ~ [link|http://www.census.gov/main/www/popclock.html|296 million] for the US currently. The US Defense Budget was [link|http://www.google.com/search?q=US+defense+budget&sourceid=mozilla-search&start=0&start=0&ie=utf-8&oe=utf-8|$375 B in 2004] (depending on whether you count authorized or what was actually spent) - or ~ $1267 per person.
I think the other big countries in Europe generally spend less on defense than the UK does, but I haven't checked the numbers.
I don't think it's a new phenomenon, based on the aiaa link quoted above. And it really shouldn't be surprising. The US spends money on things that Europe doesn't - big carriers, lots of troops in Asia, lots of R&D, etc.
FWIW.
Cheers,
Scott.