Military spending under Reagan was around 5.5% of GDP. Today military spending as a percentage of GDP is down to about 3.0%.
I think Rand is wrong about military spending being too high, especially when one considers that defending the country is the number one Constitutional job of the Federal Government.
And if I remember correctly Rand said that their was AGW.
There is a difference between throwing money at a problem and building a military. There is plenty of waste that needs to be trimmed everywhere.