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Why is it askew? Or why would we do this?
It is askew for numerous reasons, a country with that much of it's resources going into it's military is far more likely to use it for one. By being the world's police force we give other countries a huge advantage by not having to waste their resources defending themselves. We simply can't afford it.

Why do we do it? Go back to Eisenhower and his farewell address 1961-

"Until the latest of our world conflicts, the United States had no armaments industry. American makers of plowshares could, with time and as required, make swords as well. But now we can no longer risk emergency improvisation of national defense; we have been compelled to create a permanent armaments industry of vast proportions. Added to this, three and a half million men and women are directly engaged in the defense establishment. We annually spend on military security more than the net income of all United States corporations.
American makers of plowshares could, with time and as required, make swords as well. But now we can no longer risk emergency improvisation of national defense; we have been compelled to create a permanent armaments industry of vast proportions.

This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence – economic, political, even spiritual – is felt in every city, every Statehouse, every office of the Federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society.

In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.

We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together."

http://coursesa.matrix.msu.edu/~hst306/documents/i...

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http://www.salon.com/opinion/greenwald/2008/01/02/...

We have no real idea how much has been sunk into Iraq, with all the soldiers of fortune and subcontracting going on we may never know, suffice it to say it has cost far more than both world wars and viet nam lumped together, though that is a guess.
Before Iraq, the US accounted for 48% of all military spending in the world, as you can see from the newest information, we are well over the 50% mark now.
So mrfantasy, whose pants are flaming? Mine are quite comfortable thankyou.

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Got any actual facts there Mrreality?

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