I worry about what happens when Pax Americana inevitably ends, as all things do, and if it will come in our lifetimes. I don't think that we have built a geopolitical system that will survive its absence.

Spending our money on a giant military behemoth makes sense in a mutually assured destruction / deterrence sense, but I think that approach only gets you so far. It also creates a gigantic war machine that exists only to find conflicts. The nuclear arsenal strongly deters conflicts from rising above a certain level (as long as rational people are on both sides...), but the rest of the machine gets put to use distressingly often.

You can't just stop funding it tomorrow, and you can't even really reduce its funding without considerable pain and risk, but we must find a way to transition more and more of our military power to economic and cultural diplomacy (which we also have always done, but which has been diminished in recent years).