The Stimson Center’s Christopher Preble and Geoff Wilson argue that nuclear weapons modernization programs are wasteful boondoggles that undermine deterrence and stability while serving as a give-away to parochial interests. They discuss a “deterrence first” posture on nuclear weapons, perverse incentives in the bureaucracy, profligate waste and inefficiency, the risks of nuclear escalation, the consequences of eroding nuclear deterrence, and threat inflation on China, among other issues.