Have you considered that maintaining a military presence all over the world might be a significant reason why you are going broke?
I’m all for retrenchment of our military back home especially since it accounts for about 300 billion or so of our deficits. Europe would have to spend more for its own defence and they can just operate their own nuclear umbrella...that is if the US could trust them not to use that umbrella against us!
Military spending is the origin of a country's future wealth. The military is the first user of new technologies, mainly because they are the only customer willing to pay the initial price. The U.S. Military today is funding the development of robots and all kinds of "cutting edge" technologies. Later these robots will be put to civilian uses. Their work output is the only thing that could possibly pay the bill for today's welfare spending. If we gut the historical driver of technology to keep bloated welfare spending afloat then we're really in trouble.