In April of 1953, upon leaving office, President Dwight Eisenhower (a republican, for those who think the GOP only had Donald Trump) gave a speech known by the above title. It is more pertinent now than ever before and I will record some of it below.
"Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone.
It is spending the sweat of it's laborers, the genius of it's scientists, the hopes of it's children.
The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities.
It is two electric power plants, each serving a town of 60,000 population.
It is two fine, fully equipped hospitals. It is some 50 miles of concrete highway.
We pay a single fighter plane with a half million bushels of wheat.
We pay for a single destroyer with new homes that could have housed more than 8000 people.
This, I repeat, is the best way of life to be found on the road the world has been taking.
This is not a way of life at all, in any sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron."
(I would only add that the cost of those weapons might very well be greater today than in 1953).