So this is the double edge sword, so to speak. USA military overspending is a large portion that contributes to the now unsustainable 22 trillion debt and expotentially growing... an analogy would be the landlord is going broke, so have to keep raising rent, and the tenants suffer for it. But the tenants can only suffer for so long before they have to move out to a better alternative, hence China /India/Russia and the BRI and other initiatives that offering the nations of the multipolar world a "better deal".....
At the end of the day the catch 22 is that it is precisely American's massive military that is protecting its petrodollar hegemony and hence propping up its unsustainable way of life. Without its powerful military the dollar would have fallen long ago and the quantitative easings would have made USA ended up like hyperinflated Zimbabwe. So the USA military spending is actually protecting its dollar, which in turn allows it to keep writing blank checks and dilluting the savings of the entire world in order to keep on military spending and continuing the perpetual cycle/ American system / world order.
Right now America is essentially increasing the 'taxation' of the entire world to prop up its otherwise unsustainable spending, but it cannot keep doing this forever, no much how powerful its military is, because at some point the tenants themselves will go bankrupt.
