That's one quick conclusion of this report out today by the Project On Government Oversight, which looks at the Armageddon-like rhetoric emanating from the defense industry and Congress over the prospect of looming budget cuts.
According to the Congressional Budget Office, if the sequestration axe falls, the Department of Defense's base budget would still be larger than it was in 2006 (adjusting for inflation).
And, at the end of 2006, according to an analysis by the Project On Government Oversight, the nation’s five top defense contractors employed more people than they did at the end of 2011.
At the end of 2006, the five companies employed a total of 577,200 people, according to reports they filed with the Securities and Exchange Commission. That was slightly more than the 520,900 they reported at the end of 2011.
The POGO study included Lockheed Martin, Boeing, General Dynamics, Northrop Grumman, and Raytheon.
To be sure, there are wrinkles in the numbers. One big one: Northrop Grumman split from its Huntington Ingalls shipbuilding business in 2011, taking the Huntington Ingalls employees out of the year-end jobs total for the top five contractors. But, adding back those 38,000 employees, the five contractors still employed 3.3 percent more workers at the end of 2006 than at the end of 2011.
Over the five-year period, total employment at the companies declined even as the total federal contract dollars awarded to the firms rose.