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Sanders Rips Lawmakers Saying 'We Don't Have the Money' While Backing $900 Billion for Military
(www.commondreams.org)
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It's pretty straightforward, the MIC is essentially the structure behind and around the military, namely defense contractors, the Pentagon, and politicians. AFAIK it doesn't actually include the rank and file armed services members. It's worth mentioning the term gained popular attention due to a speech by outgoing President Dwight D. Eisenhower, himself a retired 5 star general.
https://en.wikipedia.org/wiki/Military-industrial_complex