Germany is the EU proof of that. It outpends France at defense spending but its military is massively smaller and less capable, and also non-nuclear to boot. So they're getting a very poor bang for their buck. Mostly because of bureaucracy and corruption are eating most of their money before it gets spent on the troops.

>Most of the money you inject within the military industrial complex is wasted and stolen.

That's why I'm not holding my breath at the whole "German rearmament" propaganda. Most of the money will go to boost the stock of Rheinmetall and friends, not boost the troops.