From Matthew Yglesias, an image that shows how much we spend on our military in comparison to other nations around the world:
Does anyone think that maybe we're overdoing it a bit? I wish I could have an honest discussion's with the leaders at the Pentagon about what exact strategic benefits would be lost by letting this number fall to even, say, 35%. My gut feeling is that our level of spending is useless against the tactics we're facing anyways, so letting it fall would only help our nation's finances.

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