When Ronald Reagan ran for office on a platform of avoiding deficits despite lower taxes and greater Pentagon spending, George H.W. Bush, his opponent in the 1980 GOP primary election, called that approach "voodoo economics," and rightly so considering that Reagan tripled the national debt by the time he left office.
It looks as though Mitt Romney has adopted Reagan's platform. He proposes to increase defense spending by as much as 50% while cutting nonmilitary programs. In that, he's a typical Republican for whom, when it comes to wars, money is no problem. However, when it comes to saving lives (universal medical care or living wages), why, we just don't have the money.