The US has spent its money on a military that is larger than ALL the other militaries in the world combined. And we still can't keep an army in Iraq.
The Bush administration has given huge tax cuts to the wealthy, thus starving the federal coffers. Meanwhile, it borrows like crazy, which means that this year we spend billions in interest that we wouldn't need to pay if we'd just pay-as-you-go in federal buying.
We need to strangle the military industrial complex, put that money toward the federal debt, drop the tax breaks for the rich, and start building up our infrastructure again.