I think it isn't so easy to say that what the US military does is a waste of your money. A lot of US foreign policy is about "free trade" that's beneficial to the US. If you were to cut off the US military then you'd likely have consequences for global trade. Perhaps you're right that it's a waste of your money, but I think that this is not at all a straightforward conclusion.
Eg imagine if Iran just decided to stop oil shipments through the Strait of Hormuz with their military. How would you deal with this without a sizable military yourself?
Edit: or imagine that some country decides that they don't like goods related to the US going through Panama so they decide to occupy it. It's not US territory, but the loss of that will harm the US economy.