The "with its neighbors" there is important. The waste described is that in spending a century warring with the country next doors opens you up to being rolled

The "with its neighbors" there is important. The waste described is that in spending a century warring with the country next doors opens you up to being rolled over by someone from another continent who spent that century developing in peace and prosperity. That's not really as relevant in the United States' modern geopolitical position where military spending is about exerting a global sphere of influence.