Shrug. Sure, it costs lot of money to project military power across the globe. But medicaid, social security, and other welfare benefits cost a lot of money too. I think blaming the deficit on a 'national security state' is a vast overstatement.
Federal Spending Fiscal Year 2010
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Latest figures show 118 boys born in China for every 100 girls, too. Combine that with a repressive government (which may be just as inept as ours) and a potential bubble, and China may not be as large of a threat everyone makes it out to be.