So ultimately our currency only has value based on people’s trust in the strength and stability of our nation. It is not backed by gold, silver or any other “precious” metal.
Our Continental Army was struggling through the tribulations of Valley Forge being paid currency in which people didn’t have much trust. Then the French nation brought us trusted currency, naval help and additional arms. That turned the tide of our Revolution, thank God.
When we have the world’s mightiest military and economy it engenders lots of trust from all but our enemies. So it is not just a budget’s size that requires priority. As a complete non-economist, it also seems important to me, however, to weigh the amount of our debt owned by the Red Chinese.
May God bless our leaders with clear guidance as they forage through a thick jungle of difficult priorities.