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Reagan did a half Mellon supply side. He cut taxes, lowered domestic spending, but increased defense spending which helped win the Cold War. So the massive budget deficits during 1980's were necessary for defense, but unnecessary on domestic spending, but that's not Reagan's fault. Democrats controlled both houses of The Congress and Tip O'Neil and Teddy Kennedy were not going to give up all those wasteful federal programs.
Any argument for more military spending is an argument for higher taxes to pay for it. By the end of World War II the top tax rate was 94 percent.
Because the Soviet Union was losing its war in Afghanistan, and because it was collapsing from within, Reagan's military buildup was unnecessary. Because Soviet leaders felt their power slipping away, provoking them with a nuclear arms race was dangerous.