The President plans to raise military spending to $343 billion a year in fiscal year 1986, from $162 billion a year in fiscal 1981. In that earlier article, I contended that, ranked in descending order of their probability, this increase in military spending would severely weaken this country's high-technology civilian industries as materials, equipment and skilled personnel are moved from civilian to military pursuits; produce shortages of materials, equipment and skilled personnel that will create ''bottleneck'' inflation in the sectors where the shortages occur, and stimulate general excess demand inflation in the rest of the economy just as it did during the Vietnam War.
