> So anyway, if we’re going to be able to match Chinese military power — even in concert with all our friends and allies — we need to spend a lot more on the military. If you say this in public, someone will inevitably reply that “we spend more on our military than the next 10 countries combined”,[1] and call for cutting defense spending in order to fund either social spending or tax cuts, depending on which side of the political aisle they fall. But what does it mean for the U.S. to outspend all other nations when China can build warships at 200 times the rate we can? What does it mean for the U.S. to outspend all other nations if we can’t even keep up enough munitions production to supply Ukraine?
> Nothing. Dollars on paper mean nothing; shells and missiles and ships are real things that can be counted. As with health care and housing and train stations and everything else,[2] Americans have deluded themselves into believing that as long as they allocate dollars to something in a spreadsheet, then valuable and useful real stuff is actually getting built. Again and again, that delusion has been shattered when excess costs and interminable delays block the paper dollars from becoming real tangible goods.