Defense Cuts Won’t Hurt That Much

Across-the-board spending cuts will be the most damaging thing to hit the Defense Department since Pearl Harbor.

That is, if you believe the defense establishment.

Secretary of Defense Leon Panetta claims that so-called sequestration will have a catastrophic impact on our national security and create a hollow force.

Sens. John McCain and Lindsay Graham are sounding the alarm about the profound negative consequences to our national security and economy.

And the Aerospace Industries Association claims that sequestration would result in the loss of more than 1 million jobs.

The above excerpt was originally published in CNN Money.