It seems to be that a country that DOESN'T spend 2% of GDP on defence, but pulls its weight and shows up for operations -- is far more valuable than a country that DOES spend the 2%, but won't allow its forces to deploy. Or, if they do deploy, are constrained to the point where it is difficult to accomplish their objective.
Canada doesn't spend 2%, we all know that. BUT...we constantly have ships deployed, aircraft deployed, soldiers deployed, in support of NATO objectives. Whether it is combating ISIL, supporting the Ukraine military, training the Afghans, or providing naval vessels to standing task forces, or helping out the UK with LRP aircraft in times of need - we, as an organization, pull more than our fair share.
I would actually be okay with us spending less than 2% -- ON THE CONDITION that capital procurement was done in a more streamlined manner that didn't affect the DND budget.