The US is already better armed and equipped than the next 20 militaries in the world, combined. China can build for 20 years and then maybe catch up if the US stops now, completely. We outbuilt the USSR and bankrupted them and then, ourselves almost in the bargain. We do not need to abolish our military like we almost did prior to WWII, but we do not need to be light years ahead of the rest of the planet either. We no longer have the neocons ready to take over the entire world. There is no need to continue their acquisition program, especially since almost all of their projects come in way over budget. The US has not used its Flash-Gordon weapons systems in any of our last three wars. No need for penetrating nuclear bombers of invisible fighters armed with death rays. Ming the Merciless is not at the doorstep. The F-35 will not intercept missiles, the only possible strategic threat. Nobody is threatening an invasion of the US, either.
Australia's most dangerous Islamic State operative killed in U.S. strike (AP)
from the article: U.S. may scrap F35, set to be Israel's fighter jet of the future