It’s important to clarify, by the way, that the phrase “Arsenal of Democracy” doesn’t refer to the size of our existing military, nor does it refer to our military spending. It refers to our military production potential — how much military equipment we could make in the event of a long conventional war against a major power like China. Although people who bemoan the withering of the defense-industrial base talk about shrinking military budgets, the deeper problem is the U.S.’ deindustrialization.