The "Peace Dividend."
The assumption was made after the end of the Cold War that we could just dismantle much of our military. After all, we'd never need it again, right?
Politicians not fortunate enough to represent districts with major military contractors or bases eagerly voted to cut military spending so they could shove the extra pork at their own voters.
An article on this here.
While shutting down our military has always been a proud leftist cause, believe me the "Peace Dividend" fiasco was largely bi-partisan.
I wonder what the current situation would be like if you plugged in the levels the military was at when Reagan left office.