The tarbaby that you are engaged with is ignoring the fact that military hardware has a definite lifespan. In other words, past expenditures are often irrelevant if tanks and planes and ships can not be replaced when they become obsolete or are used in ongoing conflicts. Additionally, cutbacks have led to the forced retirement of many of our most promising officers. A friend of mine (who graduated from West Point) was an artillery commander until last year. He had three tours, and the intention of making a career in the military. He was downsized last year, and is now making about five times as much money on Wall Street. Short of all-out war, he will never return. And there are thousands more just like him.
Obama's attack on our armed forces has been devastating. While not on the level of Stalin's 1930's purges of his military, it isn't far behind regarding how crippling it is.
http://en.wikipedia.org/wiki/Great_Purge
The issue is the current balance of power, and America is vastly superior to Russia, and it has an additional 27 nations in the alliance.