Well, Im not saying we put off nearly all military spending until others catch up with us. You are right in saying we shouldnt allow others to catch up to us. This needs to be put in perspective though. We can wipe out the whole world right now, or any individual country we want, complete annihilation. Other countries are building up such capabilities, it will be inevitable that they eventually reach the same point. Right now only one country has been willing to turn such massive weaponry on citizens, and no one has done so in the past 55 years and counting. The fear of total annihilation is the protector for such advanced and powerful weaponry.
Right now we seem to be the only military capable of full assaults at night, something we started to deploy in the Gulf War. That gives us a huge advantage over any adversary. In sheer numbers we have a much larger army, air force and navy than anyone else; and the technology is far superior. This has been the case for quite sometime, and as I mentioned earlier, each year the gap grows and grows; even though we were clearly superior 10 years ago.
Instead of allowing the gap to grow and grow, we can be reasonable and spend money on balancing the budget and eliminating the national debt, which currently consumes 1/3 of our tax dollars (not including SS and Medicare, which are supposed to be allotted to their individual cause and are therefore seperate from FIT) and will shortly be at 40%. During a bad economy like we currently have, deficits are much more common and harder to escape as the tax base shrinks. With the impending implosion of SS, and national debt nearly out of control, those are far more important than INCREASING our dominance in the military. If we take care of the national debt, that is 1/3 of our tax dollars freed up, for ETERNITY (unless of course we go back into deficit spending). You can do a massive 33% across the board tax cut without touching spending at all. The military can continue to be massive, tax rolls will be like nothing anyone living has ever seen.
To sum up, spending on military is excessive. Yes its necessary to spend money on it, large amounts even. But there is indeed a limit as to what is wise to spend, especially when the country is in dire financial straits.