Russia and China are both working on new fighter planes and I read something about the F-22 being a lot more capable in air-to-air combat than the F-35, who sacrifices dogfighting ability for utility. Staying one step ahead isn't a bad thing.
I really dont mind our defense spending all that much, it costs a lot to maintain a military. Sure, the wars have been kinda ugly, but that's the nature of the beast.