There have been far bigger cuts, as a percentage of capability. You mentioned attacks, wars and dictators, but those are actually things that help our military, in the sense of causing it to be built up in strength. What hurts the military is peace. After the revolutionary war, Congress reduced the standing army to 80 privates and no officers above the rank of captain. That and much more can be found in this 2002 Army study comparing the downsizing of 10 years ago to the downsizings after WWI, WWII, and other conflicts. It found the downsizings over time very comparable, and the alarmist rhetoric very consistent as well.
http://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA415899.
To take the example most familiar to Wixers, after WWII, the military budget was slashed 90% within three years. What do you think all those photos we keep posting of Army and Navy planes in fields awaiting the scrapper after 1945 mean? They reflect a drastic reduction in capability far greater than today's. The same study notes that the Army's strength in personnel was slashed one-third between 1953 and 1957, 50% between 1969 and 1975 and about one-third between 1990 and 1996. Between these reductions there were buildups. It has been a cycle of boom and bust. We have had a big buildup since 2002, with current military spending in inflation-adjusted dollars being at its highest since at least the Korean War (don't know if the graph below will display, but:)

So yes, there have been bigger cuts than today's -- much bigger. And through it all, we still had participation in airshows and similar public events. I am not interested in debating how much the cuts impact operational capability and whether that capability is really needed; that really would start to get political. I'm just supplying some historical context to cool down the exaggerated rhetoric about how unprecedented this all is.
August