It has always been easier and cheaper to have permanent forces forward. The fact that we have such a large footprint in Germany and Italy has made every other military operation on that side of the world easier, cheaper, faster and more effective... Libya in the 80s, Desert Storm, Bosnia, Kosovo, Somalia, Afghanistan, OIF, and all the NEO and HADR operations. Our vast logistical network depends on all of that forward presence to be as effective as it is. Guess where most of the Intermediate and depot level maintenance happens for naval aviation in the 2nd, 5th and 6th Fleet AORs happens... in Germany.
If the end goal is cost savings, I can think of 20 other ways of addressing that without creating an enormous liability in our ability to conduct effective military operations in the part of the world where we have historically done so most often.