true, but wasn't a lot of that the big military build up that eventually took down the Soviet Union?
They tried to match the Reagan military buildup (600-ship Navy, MX missile system, cruise missiles, and the promise of a "Star Wars" space-based ICBM defenses (hahahaha!) etc.) and their economy (which was creaky to begin with) couldn't support it, which is how they got Gorbachev and so forth. The Soviet premier looked for a way to convince the US to cycle the military buildup down, but Reagan wasn't having any of it, especially at Reykjavik -- where Gorbachev tried to convince Reagan and the US to limit Star Wars to lab testing only for the next 10 years -- and it became a contributing factor (definitely not the only, or even most important, one) that led to the USSR's eventual dissolution.
It's been said of the Soviet Union (and even today's Russia) that they were a Second (or even Third) World economy, but with a First World military, and it ended up costing them. Today, China's economy is much larger than Russia's and I don't think they (Russia) could match us on a near-peer military basis, straight-up on the battlefield. Neither can China, but they're definitely taking steps to correct that imbalance. Both are looking at other ways to prevail, however, especially in terms of cyberwar and in taking out our satellites (China and North Korea are doing so, as well). Blind us, space-wise, and it becomes a much more competitive battlespace environment.
Also, I'm pretty sure the minimum wage in Russia is pretty low compared to Canada's, eh? ;-)