The United States is facing an economic crisis unlike any it has seen in 80 years. The national debt is over $10 trillion and the annual deficit is over $1 trillion.

We can no longer afford our wasteful military budget, which has grown by 60% since 2001. It should be cut by 25%.

Start with the $300 billion in contract overruns and the outdated, expensive and unnecessary weapons systems designed for 20th century wars. The cost of the F-35 Fighter Program will equal the combined outlays for fighting the Korean and Vietnam Wars - $1 trillion. And, one Nimitz-class aircraft carrier costs $6.2 billion; our tenth such ship, the USS George H. W. Bush, was launched in January 2009. A simple navy combat ship costs $1.4 billion each. Indeed, just the cost overruns on weapons contracts total $300 billion annually. Many weapons being produced today were designed to fight past wars, not deal with current security issues.

Ending the wars in Iraq and Afghanistan will save $162 billion - the amount appropriated so far. These two wars/occupations/quagmires will make it impossible to adequately invest the necessary funds in the urgent priority of rebuilding the U.S. economy.

Closing the hundreds of military bases around the world would save $130 billion. Many countries see these bases as imperial outposts. Many Americans see it as the U.S. policing the world. It is time to re-think military policy so that it does not involve hundreds of foreign military bases.

With the U.S. economy in a downward spiral the federal government should be rebuilding the economy, not building unnecessary weapons and fighting discretionary wars.

Focus on diplomacy and foreign aid abroad and rebuilding the U.S. economy at home. Cut the bloated military budget and invest in rebuilding America.