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Cato Corporation

Convert defense cuts into civilian benefits

Convert defense cuts into civilian benefits

Weapons-makers, ideologues and Defense Secretary Leon Panetta are busy whipping up fears in reaction to scheduled reductions in our bloated military budget. Don't be fooled. These cuts will not put our security at risk, though they will cut into profits and executive pay at certain defense-establishment corporations. In this time of debilitating unemployment and financial disaster, our slavish devotion to military spending undercuts our opportunity to rebuild America. Military expenditures have doubled in constant dollars since 2001. Even without the wars in Iraq and Afghanistan, the increase is more than 50 percent. This excessive spending depresses the economy, costs jobs,...