Huge military budgets cost jobs. That’s an established fact. The corporations like Lockheed Martin, Northrup Grumman and General Dynamics that make billions every year selling the Pentagon super-expensive and often useless weaponry don’t care about the effects of their profiteering. They just want to keep the gravy train rolling (For example, Lockheed Martin’s CEO made $21.9 million last year, with most of the money coming from your taxes.). These contractors held a closed-door meeting with Panetta on September 13, and since then, he’s parroted their untrue talking points and warned of “doomsday” if elected officials make even modest cuts to the bloated, corruption-filled war budget.
Panetta repeated more misleading spin when he testified before Congress this week. War spending kills jobs and productivity in the economy, but Panetta recently claimed just the opposite. Even the largest cuts to the military budget on the table in deficit reduction talks would simply return us to spending at 2007 levels–which was the highest level ever at the time–but Panetta strangely claims this is “doomsday.”
We don’t need to spend six times China’s military budget on war to keep America safe, and the last thing our economy needs right now is more job-killing spending on war profiteers.