Today in the United States, 60% of our people live paycheck to paycheck, 85 million people are uninsured or underinsured and 21.5m households are paying more than 50% of their income on housing. We have one of the highest rates of childhood poverty of almost any developed country on Earth, and 25% of older adults are trying to survive on $15,000 a year or less. In other words, the US has fallen far behind other major countries in protecting the most vulnerable, and our government has failed millions of working families.

But while so many Americans are struggling to get by, the United States is spending record-breaking amounts of money on the military. In the coming days, with relatively little debate, Congress will overwhelmingly pass the National Defense Authorization Act, approving close to $900bn for the Department of Defense (DoD). When spending on nuclear weapons and “emergency” defense spending is included, the total will approach $1tn. We now spend more than the next nine countries combined.

I don’t often agree with Elon Musk, but he is right when he says the Pentagon “has little idea how its annual budget of more than $800bn is spent.” The Department of Defense is the only government agency that has been unable to pass an independent audit. It recently failed its seventh attempt in a row and could not fully account for huge portions of its $4.126tn in assets.

Very few people who have researched the military-industrial complex doubt that there is massive fraud, waste and cost over-runs in the system. Defense contractors routinely overcharge the Pentagon by 40% – and sometimes more than 4,000%. For example, in October, RTX (formerly Raytheon) was fined $950m for inflating bills to the DoD, lying about labor and material costs, and paying bribes to secure foreign business. In June, Lockheed Martin was fined $70m for overcharging the navy for aircraft parts, the latest in a long line of similar abuses. The F-35, the most expensive weapon system in history, has run up hundreds of billions in cost overruns.

Today, as a result of massive consolidation in the industry, a large portion of the Pentagon budget now goes to a handful of huge defense contractors like Lockheed Martin, RTX, General Dynamics and Northrop Grumman. That consolidation has been extremely profitable for the industry: since 2022, these four contractors have brought in $609bn in revenues, including $353bn in US taxpayer funds, and recorded $57bn in profits. During that same period, they have spent $61bn on dividends and stock buybacks to make their wealthy stockholders even richer.

These defense contractors also provide their CEOs with exorbitant compensation packages. In the last three years for which information is available, these companies paid their CEOs more than $257m combined – with annual salaries that are about 100 times more than the secretary of defense and 500 times more than the average newly enlisted service member.

How does this happen? How do we keep handing huge amounts of money to companies that routinely overcharge the American taxpayer and often engage in fraud? The answer is not complicated. These companies – like the drug companies, insurance companies, Wall Street and the fossil fuel industry – spend millions on campaign contributions and lobbying. In the recent election cycle, defense contractors spent nearly $251m on lobbying and contributed almost $37m to political candidates. Surprise, surprise! Most members of Congress vote for greatly inflated military budgets with few questions asked.

The lack of accountability at the Department of Defense is not just costing American taxpayer dollars. It’s costing lives. The US is providing many billions of dollars to help defend Ukraine from Putin’s invasion. When defense contractors said they couldn’t ramp up production without more taxpayer support, Congress repeatedly appropriated emergency funding, with roughly $78.5bn going to buy equipment and services from the major defense contractors.

How did those “patriotic” companies respond? They jacked up prices. RTX increased prices for Stinger missiles from $25,000 in the 1990s to $400,000 in 2023. Lockheed Martin and RTX raised the price of the Javelin missile system from about $263,000 per unit just before the war to $350,700 this year. Similar price hikes took place for Patriot missiles and other weapons. And make no mistake: every time a contractor pads its profit margins, fewer weapons reach the frontlines. The greed of these defense contractors is not just costing American taxpayers; it’s killing Ukrainians.

The United States needs a strong military, but we do not need a defense system that is designed to make huge profits for a handful of giant defense contractors. We do not need to spend almost a trillion dollars on the military, while half a million Americans are homeless and children go hungry.

In this moment in history, it would be wise for us to remember what Dwight D Eisenhower, a former five-star general, said in his farewell address in 1961: “In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.” What Eisenhower said was true in 1961. It is even more true today.

I will be voting against the military budget.