Doing advanced, completely unprofitable basic research, for one thing. These are the sorts of projects that spawned GPS, the Internet, and IC manufacturing. Wasn't super profitable at the time of conception, but the military doesn't care. They need capability, irrespective of price. All of these technologies are now keystones of numerous gigantic American companies with billion dollar plus valuations.
Building up US based scientific and manufacturing know-how, for another. Plenty of people take the skills they learn at Raytheon or an FFRDC and use them to start profitable small businesses, which in turn employ more people and generate more tax revenue.
Not that I expect many people reading this to care about that. "Military spending bad" is too easy and convenient a slogan.
It doesn't solve every problem - there are a shitload of people in America receiving inadequate education, nutrition, and healthcare, for example. But it certainly helps keep a lot of Americans employed and paying their mortgages, which is a non-trivial benefit.
Spending $50k on a trash can is unlikely to lead to the sort of benefits that are required. Better than unemployment benefits for nothing, maybe. The opportunity costs and time wasted on bureaucracy put even that optimistic spin in doubt. Basic research doesn't need 3% of GDP spent on overinflated contracts. It can't be helping the situation.
That's not how it works. As long as the trade deficit exists, and the reserve currency is the dollar, there will be huge demand for treasuries.
“Do more with less” during the Obama administration / Afghan war was a test of this and the things that got cut were the innovative programs while inefficient tent poles remained.
We should reform now while we have the budget so we get more good public innovation and can actually cut effectively and have that muscle memory in leaner years.
What is hard to measure is what could have been done with the money to make the US military stronger but was wasted instead.
The worst part is all these inefficiencies are going to add up over the coming decades when we have to keep up with the PLA/China.
A PLA colonel makes less than a private first class marine and manufacturing anything is an order of magnitude difference.