"Dassari: if you think you can talk about the country being run bankrupt and NOT talk about military spending, then you might as well talk about everything that went wrong with the Titanic except the iceberg. "
Since you're intent on pursuing this line of thinking...
Duh, military spending is out of control. Theoretically we've reduced our active military commitments by 40% when we left Iraq, yet the budget grew for 2013. Every year since 2004, our military spending has been higher (adjusted for inflation) than the highest spending during the Cold War (1985, I believe).
$700 billion are a drop in the bucket compared to unfunded liabilities stemming from social programs, however. Military (discretionary) spending is also a far easier category to fix in the face of a crisis than mandatory (social security, pensions, medicare/aid etc.) spending, which the new healthcare laws exacerbate. If all discretionary spending were eliminated (no military, no government save payments on the debt and mandatory spending), we would STILL be running a budget deficit every year.
Sure, stick to the 70s military-industrial scapegoat if it makes you feel better, but don't pretend that that math adds up.