Our shrinking arms industry?

The Washington Post reports on our shrinking arms industry:

A few numbers tell the story...the aerospace-defense industry workforce shriveled from 1.3 million in 1989 to 689,000 at the end of 2002, roughly the number employed in 1953...Between 2002 and 2008 nearly half of the industry's workforce...will be eligible for retirement...universities are churning out few replacements.

Overall military spending is up, but only for 2003 has the weapons procurement allocation gone up. Here is a piece on the beginnings of the downward trajectory in some categories of spending.

But I don't buy the Post's account as stated. Procurement more generally is up across the agencies and stable within DOD, see this recent GAO report. In fact it appears that "A few numbers" do not tell the story. For the DOD, information technology accounts for 46 percent of the procurement total over the last five years. We are spending to make weapons smarter, not spending less on weapons. Not to mention that ship spending has risen 128 percent, again over the last five years. Aircraft spending is up 42 percent.

In part we simply like the weapons we have, and thus we are building more of them, or upgrading their quality. And since we are investing in information technology, it is hard to argue we are mortgaging our future. If we are underspending in any areas, look toward Iraqi reconstruction and intelligence, two areas where our failures have been obvious.