Final answer:
It is true that U.S. defense spending is far higher than that of any other nation, with an annual budget of around $1.3 trillion and over 700 military bases worldwide. Defense spending is substantial but not at its historical peak.
Step-by-step explanation:
The statement that defense spending by the United States is far higher than that of any other nation is true. The U.S. military expenditures are significant, with an annual defense budget of around $1.3 trillion. This large budget reflects the country's extensive military reach, with more than 700 military installations abroad in approximately 130 countries and defense agreements with 37 countries. Historically, the United States has been actively involved in international affairs, including military interventions in various countries such as Panama, Kuwait, and Iraq.
Compared to other categories of federal spending, the allocation for defense is substantial. However, it is important to note that current defense spending is not the highest it has ever been either as a share of GDP or in real dollars, which counters some misconceptions about federal spending trends.