.7% GDP has been the target for foreign development for years. Canada can afford it. .7% would give us a limited military but enough capability to do what we do now basically. I think more money spent on foreign aid would actually buy us more security than what we spend above that on defence (think someone posted about 1.2%). That extra .5% just goes South of the border at some point anyway.
Consider: Canada has built/flown about 1100 fighter jets post-WW2. How many have acutally gone into combat? 48. Never more than 6 or 12 at a time and only for a period of a few months. We'd run out of spares with a deployment any longer than that. So spending a total of upwards 12 billion on fighter jets that never saw combat bought us security? Hardly.
People always lament over the Avro Arrow being cancelled. It was a budget hog and it should have been cancelled. Perhaps sooner than it was. Nice looking plane but not a fighter, nothing more than a mission-specific interceptor for a threat that didn't exist.
I have respect for the people that serve in the military (I did myself) and it should be well-equipped for it's size, but like the Avro Arrow, Canada has all along been spending billions on a threat that doesn't really exist. I think we did make some headway in Afghanistan. Hopefully we did. Because if we didn't, then we really didn't need to be there at all, not for as long as we did anyway. We sure didn't need to spend what we spent to be there.
Keep in mind our security against a terrorist threat involves Coast Guard platforms, the RCMP, and Border Security Services as well as the military (and like it or not, the CF has the secondary role), and I wouldn't starve those department budgets to buy advanced fighter jets just because other countries want us to.
If we really need to spend 1.2% on the CF okay fine. Let's spend that on foreign development too. Much of what is spent on foreign development comes back to Canada anyway.