Second-rate military? Second to what?

Certain hawks, including Secretary of Defense Leon Panetta, warn the US will be a “second-rate” military power as a result of the budget sequester. The sequester will cut about $43 billion from the defense budget, of about $741 billion. Wow, that would put the US at, let’s see, number 1 in military expenditures, still about a third of all military expenditures world-wide. and far larger than any other country. Second to what, Mr. Secretary?

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