Why do we need this? who exactly is going to attack a nuclear armed power such as us?
Russia and China might decide to nuke us off the map but a defense pact with France is hardly going to save us is it?
This seems like just another baby step towards globalization, Germany and a few others will steadily join the pact and before you know it the EU has full military control.
The simple fact is, while the defence contractors are private companies, they are all but public sector workers being paid, because without us buying military equipment, they'd go bankrupt and the government would be paying a lot of people on benifits and also persuading companies not to sell arms to other buyers is largely done through buying stuff ourselves.
Lots of wars, and military spending in general is persued for an economic result, whats worse is the contracts awarded to various defence contractors are awarded to them by people who have a habit of later joining the boards of those companies. Public servant fights for company X to get contract over company y, said public servant retires from politics and joins company x's board for 2 mil a year and does no work, cheap way for company X to get a 10billion defence contract.
Thats how life is, if we shut down the military, fired all the troops, stopped partaking in defensive positions around the world and stopped all offensive involvement, well, you'd be looking at several hundred thousand unemployed people.
Right now we can't afford to cut spending massively because of the situation we've gotten ourselves into, Afghanistan, peace keepers elsewhere in the world, the ability to threaten military action with spare personal/equipment/bases in strategic places worldwide keeps a lot of places in the world safer.
Likewise we can't afford not to cut spending as much as possible, and we can't afford not to get the best value for money we can.
We can go into an agreement with France, save billions a year for 10 years, 20, 50 and the year after, drop a Nuke on them, such is life. For now we aren't looking to go take on Iran, NK or China nor can we afford to, save money now, have more to spend later.
What happens for instance if, 10 years from now Iran really gears up for a war, because we saved no money we don't have any chance of getting new equipment to help in a war against Iran. If we save billions upon billions in the 10 years up to the agression starts properly, we'll be in a hugely better financial position.
In reality, real wars aren't won by the numbers you have in your military or the equipment, wars are won based on the financial and manufacturing ability to produce DURING war, and personal comes from the general population war's always gone that way, tiny conflicts against nations that can't defend themselves in any way at all aren't the same thing.