
If we commit to reducing military spending to a rate of approximately $430 billion a year over the next decade, with suitable inflation adjustments, it would do a great deal to reassure people that we had our deficit problem under control, that the long-term drain this puts on our economy would be diminished, and that we could then afford the near-term economic stimulus we need to help accelerate our currently sluggish growth.
Defense Secretary Leon Panetta recently said further cuts would "hollow out" the U.S. military. This is a surprising complaint from someone who cited the post-Cold War period as one of those times when we "hollowed out" our military -- he was, after all, President Bill Clinton's budget director when the United States reduced military spending in the way he now decries. But Panetta is unfair to his younger self. The reductions in the military budget begun after the collapse of the Soviet Union by President George H.W. Bush and continued by Clinton -- along with other spending constraints and tax increases on the wealthy -- resulted in balanced budgets in the late 1990s. No one I have spoken to has ever presented any convincing evidence that there was any damage to U.S. national security because of it.
Returning to the sensible defense policies of George H.W. Bush and Bill Clinton would in no way damage America's security. It would help us get the United States' job engine going again and revive economic growth around the world. Let's bring the troops home.


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