Our country would be infinitely better off after sequestration than it is now. $500 billion could easily come out of the military budget without compromising our security in any way.
First of all, our present military budget is in excess of $700 billion annually. That budgeted figure does not reflect other military spending that is hidden in other budgets, like military retirement. military retirement alone is over $200 billion annually and is not included in the military budget. In total, the US spends in excess of $1 trillion annually on “defense.”
A $500 billion cut over 10 years amounts to only $50 billion annually. Out of a $1 trillion defense budget, A $50 billion decrease annually would not even be noticed. That’s coffee money and golf trips for the military. Furthermore, by the time the budget wizards get through with it, they will say that the $500 billion savings will come out of the defense budgets in the ninth and 10th years but, for next year, defense spending probably will actually go up from its present levels.
If Leon Panetta thinks that this will “hollow out the military,” it’s well past time he was replaced as Defense Secretary.