I will add on that excess military spending usually bankrupts nations because usually military investments tend to yield a much lower economical return than other ways of spending money. This quote from Eisenhower says it wellIf you look at the costs of these American programs F-35, NGAD, Columbia ($15B for first boat, $130B for program), etc. you are seeing the reverse of the Cold War where the US spent the USSR to bankruptcy.
The J-20, J-35, the new 6th gens, Type 076, Type 095, Type 096, Type 055 and the coming Type 004/005 will each elicit immensely expensive responses from the US because their capabilities will demand it.
The difference is that China has tons of brand new infrastructure, while America's infrastructure is old and in dire need of updates. Also China has really leaned into military/civilian fusion, so that both support the other. Major examples would be how the navy can piggyback off commercial chinese shipyards, how commercial drones are both a extremely good civilian tool- and an extremely deadly weapon and the how commercial Chinese aviation benefits from the military's research into engines, avionics and materials. Also, chinese companies don't demand a insane markup compared to America's corrupt MIC.Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed.
This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities. It is two electric power plants, each serving a town of 60,000 population. It is two fine, fully equipped hospitals. It is some fifty miles of concrete pavement. We pay for a single fighter with a half-million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than 8,000 people. . . . This is not a way of life at all, in any true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron