We could get by with a tiny fraction of our 700B+ / yr defense budget. One wonders how much better a society we would be if we spent that on things that would actually benefit the average citizen, or did something unthinkable like actually paying down debt.
I mean, Russia invades and China taunts its neighbors pretty regularly, so clearly their military is focused on more than defense from the US (as if we have any interest in an offensive war against them in the first place). The US military keeps those countries in check, so of course they focus on how they can “defend” against our military. The extent to which Russia and China are scheming against the US military is the extent to which they aren’t invading their neighbors, which is precisely the value the US military provides, and indeed that Russia is invading Ukraine is a failure of the US government to respond firmly to previous invasions (no, not direct military conflict with Russia).
The idea that the US or the world can enjoy meaningful peace while withdrawing from the global theater is dangerously naive. There’s no world in which we pull back without oppressive dictatorships rushing to fill the void.
I don't think there is any role for the US military beyond defending US soil. I'm tired of propping up our bloated military industrial complex on the premise that we are solely responsible for world peace.
A shared responsibility for world peace probably looks more like "more involvement from our NATO partners" (which we're actually beginning to see now that Europe is waking up to the fact that their peace is a property of NATO protection rather than some foregone conclusion). It decidedly doesn't look like the US dramatically shrinking defense spending (the US only spends 3% of its GDP on defense and that's on track to fall to 2.7% by the end of the decade), but more likely having our partners increase their own contributions and involvement.
I do not believe we should be going deeper into debt for other nation's national security.
Expect some unforeseen problems at the most unfortunate economic moments.
The strength of the dollar is all about beating whoever disagrees with its role as the oil exchange currency to submission, because that is its current base for its demand. Libya was not invaded because the West suddenly remembered that Kandafi is a dictator. Iraq was not invaded because suddenly WMD were found (did they ever find another tale to cover their reasons?), Syria was not made into anarchy because the West wanted the Syrian people to be free. They all had one common point near the time of invasion. So yes the military does play a big role.
I prefer to think of military spending during peacetime as "peace spending" not "war spending".
Spending on actual wars, once they start, is another matter. Some wars are just (like the support of Ukraine, at present, I would say, or the liberation of Kuwait), some are unjust, many are some shade of gray.
But generally, it is preferable when democratic countries have enough military might during peacetime to make would-be conquerors put aside their dreams of being the new Peter the Great, Saladin or Qin Shi Huang.
During WW1 and especially WW2, the US military was employed to nearly maximum capacity, in other words, 1945 was the last time the military was in a state of all-out war.
During the Korean and Vietnam wars, the military was partially committed to the wars, maybe around 25% of 1945's commitment. I would label these limited wars.
The invasion phases of the two Iraqi wars as well as the invasion phase in Afghanistan saw similar levels of mobilization, but these were over so quickly they would be more like skirmishes.
And for the rest, I would label them as little more than policing of occupied territories.
(All of the above from the US perspective, from the perspective of the adversary, several of the above were total wars.)
If you look at the death toll, WW2 cost 0.4% of the US population at the time. The Vietnam and Korean wars cost less than 0.1% of the population each, and the rest hardly register.
Compare that to the 5%-20% death toll of many European countries during WW2, and similar numbers for numerous other wars through history, and you get a perspective of how peaceful the US has been since the Civil War.