No, actually you are. There is tremendous waste in the DoD, and it's budget could easily be cut by half without having any impact on this country's combat power. Have you ever been to the Pentagon or inside a fixed base headquarters (like CENTCOM's in Tampa)? They are lavish beyond belief, with millions of $$$ spent on such thing as wood paneling, enormous conference tables, leather backed seats, plasma televisions, fancy expensive artwork, and late model motor pools. We're not talking about Private Joe's barracks and PXs (even though they are becoming much nicer), but the ostentatious perks that the senior brass is currently providing for itself at taxpayer expense.
And don't get me started on the golf courses, recreation centers, and water parks that are being built. And not to mention all the failed military hardware contracts out there, like the F-35 fiasco.