Yeah, you're not wrong there. We tend to have incredibly bloated budgets that jerk off the military industrial complex rather than efficient use of funds. We built Littoral Combat Ships that have almost no strike capability and are made of paper mache'. We have the F-35 program which is horribly bloated and is nowhere near being what it was supposed to be, complete with a complete lack of accurate ground attack measures. We made the new Zumwalt class of ships... and then the custom gun that was designed for it was deemed too expensive, so despite making the guns, nobody will make ammo for it. We have a (pretty interesting) railgun program, which while kinda badass, is not going to be seeing actual warfare anytime soon.
We spend a lot of money, but we spend it in horribly inefficient means. We have some badass gear, but the price to performance ratio isn't really that great.