The New York Times reports: Last week, a Bangladeshi student was charged in an F.B.I. sting operation with plotting to blow up the Federal Reserve Bank in New York. A Somali-American man was convicted of sending young recruits from Minneapolis to a terrorist group in Somalia. In Libya, extremists responsible for the killing of four Americans last month in Benghazi remained at large.

The drumbeat of terrorism news never quite stops. And as a result, for 11 years since the Sept. 11 attacks, the security colossus constructed to protect the nation from Al Qaeda and its ilk has continued to grow, propelled by public anxiety, stunning advances in surveillance technology and lavish spending — about $690 billion over a decade, by one estimate, not including the cost of the wars in Iraq and Afghanistan.

Now that may be changing. The looming federal budget crunch, a sense that major attacks on the United States are unlikely and new bipartisan criticism of the sprawling counterterrorism bureaucracy may mean that the open checkbook era is nearing an end.

While the presidential candidates have clashed over security for American diplomats in Libya, their campaigns have barely mentioned domestic security. That is for a reason: fewer than one-half of 1 percent of Americans, in a Gallup poll in September, said that terrorism was the country’s most important problem.

But the next administration may face a decision: Has the time come to scale back security spending, eliminating the least productive programs? Or, with tumult in the Arab world and America still a prime target, would that be dangerous?

Many security experts believe that a retrenchment is inevitable and justified. [Continue reading…]