How much military can you buy for $720 billion a year?

How much military can you buy for $720 billion a year?
By JAMES JAY CARAFANO
Foreign Policy
Published: October 6, 2012

Even though the first U.S. presidential debate was not about national security, the military made a brief but striking appearance, with candidate Mitt Romney lamenting what he charged were President Barack Obama's "dramatic cuts to our military." He said: "I do not believe in cutting our military. I believe in maintaining the strength of America's military." Obama, for his part, countered that Romney wanted "$2 trillion in additional military spending that the military hasn't asked for."

The stark contrast raises the question: Is the United States investing adequately for its future defense?

Obama's long-term plans place defense last among the major priorities of federal government spending. His proposed budgets would shrink the Pentagon's purse -- not just slow the rate of growth. In fact, under Obama's proposal (even without the mandatory cuts required by the Budget Control Act of 2011), defense would not return to fiscal-year (FY) 2010 spending levels for the entirety of his 10-year budget projection. Even before the Budget Control Act became law, Defense Secretary Leon Panetta reported that defense spending would be reduced by $487 billion over 10 years, with $259 billion of these cuts applied over the next five years.

In contrast, Romney has repeatedly stated that he thinks annual defense spending should rise to about 4 percent of GDP -- or about $720 billion a year. In practical terms that would return the Pentagon budget to a little more than what it was in FY 2010, though the 2010 figure includes the cost of fighting in Iraq and Afghanistan, while Romney's number refers only to base spending. Under Romney's plan, it looks like for the most part wars cost extra.
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