I would say pretty seriously.  For background, see also http://www.energybulletin.net/newswire.php?id=7701 regarding the USAF.  
     I work for a major defense contractor, with both Army and Air Force contracts, and knew the writing was on the wall for me when this was posted.  Of course, to listen to the management and, sadly enough, most of the people I work with, "the future's so bright, we have to wear shades"...
     However, existing programs are just now starting to be "restructured" (can you say cut?) and a certain amount of uneasiness is becoming evident.  This causes me to feel both anger and sadness--  I have been followng Peak Oil for maybe 18 months or so, and only because I like to pay attention to what's going on in the world.  Why aren't more of the bright, well-educated people I work with ready for this?  Then I look at the most oblivious ones, and it seems like they're the nicest ones I know-- young engineers just starting families and previously savvy "old-timers" looking forward to a guaranteed retirement involving spoiling their grandkids.  However monstrous the organization is, the military-industrial complex employs a lot of bright, kind and good-hearted people that are going to suffer along with the rest of us.