CNN: Panetta to announce $500 billion in defense cuts later today

[TheWraith]

Specifically citing reductions in the number of aircraft carriers, aircraft, and ground forces. I just caught this as I was preparing lunch, so I missed some parts of the report.

[dipsydoodle]

1. Link here for the time being

http://content.usatoday.com/communities/theoval/post/2012/01/obama-defense-cuts/1

[TheWraith]

2. Good link.

The new military strategy includes $487 billion in cuts over the next decade. An additional $500 billion in cuts could be coming if Congress follows through on plans for deeper reductions. The announcement comes weeks after the U.S. officially ended the Iraq War and after a decade of increased defense spending in the aftermath of the Sept. 11, 2001, attacks on the United States.

Nothing specific in that article, but the CNN report mentioned retooling the military to place emphasis on small operations, like the Bin Laden mission, instead of large scale war-fighting capability.

[think]

3. When you double military spending in 10 years and then cut it by 5%

have you REALLY made any cuts? :

http://www.usgovernmentspending.com/defense_chart_30.html

[TheWraith]

4. These cuts are more like 20%

When you factor in the money no longer being spent on Iraq, it's more like 40% of that number in your link.

[think]

5. How much did we spend in 2000? How much will spend in 2012? /nt

[indepat]

6. Surely Panetta realizes it will be exceedingly difficult to exert global hegemony unless

sufficient aircraft carrier strike forces are available to cover every nook and cranny on all the world's oceans and seas on a moment's notice.

Edited for context

[mfcorey1]

7. That will cover all the money that was going to Iraq for the war. Military won't feel it.

[TheWraith]

8. This is apart from money no longer being spent in Iraq. nt

[think]

9. “the growth in the defense budget will slow, but the fact of the matter is this: It will still grow.

those are Obama's own words on these cuts:

...Actually, describing it as a cut is a misnomer. The plan actually calls for an increase in the national security budget over the next decade — but it would scale back the 18 percent boost previously set for that period.

As Obama made clear in a brief speech while standing with Panetta on January 5, “the growth in the defense budget will slow, but the fact of the matter is this: It will still grow.”

Here’s the backdrop: Between 2000 and 2009, the average annual growth in national security budget authority was around 6 percent. That made spending go up by around two-thirds, to nearly $720 billion. Today, national security accounts for more than half of so-called “discretionary” spending — the portion decided annually by Congress....


Read more: http://njtoday.net/2012/01/26/puncturing-the-hot-air-balloons-on-defense-spending/#ixzz1kafU3IL6

Tell everyone to get New Jersey News from WWW.NJTODAY.NET

[SomethingFishy]

10. Over what period of time?

Considering the Defense budget is just over 600 billion for 2012 are you telling me they are cutting the defense budget by 80%?

[DontTreadOnMe]

11. $500 Billion over 10 years = $50 billion per year.

put this into perspective... Apple Computer has $100 Billion in liquid cash...

[SomethingFishy]

12. Thanks...

I had a feeling...

[Bigmack]

13. Couch-cushion money for the DoD. nt

[TheWraith]

18. No, it's not. It's a 10% budget cut.

On top of the previous 10%.

[lldu]

14. Yep, They are gonna try to save money ....

by making the military retirees pay more for all medical. This includes higher copays, paying more for Tricare. I guess they will even raise dental insurance prices and copays...I didnt realize us retirees got a big pay raise. Where is this extra money we will have to pay come from? Guess I can cut back on meds.

[Romulox]

15. Um, still waiting for that "peace dividend". $500 billion in 10 years is insignificant. nt

[Tierra_y_Libertad]

16. Uh-huh.

http://costofwar.com/en/

[T S Justly]

17. How about a cut in the Pentagon bullshit, Leon? (nt) (nr)

[Scurrilous]

19. K & R