The increasing threat of China emerging as a superpower on the world stage, the resurgence of Russia after the collapse of the Soviet Union, the rise of terrorism in many countries, the hostilities of North Korea and Iran, etc. all require US intervention. The last time the US refused to get involved in World affairs was back at the end of WW1. The US, UK, France, and Italy defeated the Central Powers of Germany, Austria-Hungary, Bulgaria, and the Ottoman Empire. The US was the country that demanded that a Leauge of Nations be established to ensure that another war would never happened, but then refused to join the League. The US then went into a period of Isolation where we refused to interact with the rest of the world. With such a lack of US involvement, a global depression, bitterness and resentment within Germany, Italy, Japan, and other countries who were "wronged" by others, lead to a rise in extremist political parties within such countries. This culminated into the events that lead up to WW2, the deadliest war in world history. After the war had ended, the US realized that it needs to get involved in the world, otherwise countries will just fall back into their national bickering. This requires us to maintain a strong armed forces to enforce polices of peace, you need to have bite to back up your bark. A powerful military isn't cheap, but that is where capitalism and innovation come in. The Soviet Union, the other world Superpower after the second world war, also spent a ton of money on their military. The difference between them and us is that the Soviet Union was a closed market economy, that couldn't both keep funding the military and keep their citizens happy with stuff like food, clothing, housing, etc., meanwhile the US was the largest economy in the world thanks to its capitalism model that allowed for individuals to create multi-billion dollar businesses that allowed for our country to grow and maintain it's armed forces. We are not in a position to decrease military spending, however we do need to get our budget deficit under control before we spend more on the military, otherwise we will go the same way that the Soviets did in the 1990s, broken up and a shell of our former glory.
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