Earlier quoted context omitted.
US military spending dropped by about half when you look at GDP between 1982 and 1999, so your statements about the Cold War ending not affecting spending is just straight up incorrect. https://www.macrotrends.net/countries/USA/united-states/mili...
NATO are supposed to spend ~2% of GDP on their militaries. We're at least 2x that. That doesn't align with peacetime spending. We should be about half the spending we do now.
US defense spending was 3.4% of GDP in 2019. Quite possibly it jumped in 2020 as GDP dropped, but over 4% seems unlikely. (Still, in the ballpark and good context, I think your comment added to the discussion.)