Firstly- because it tends to have a far higher return on investment (economically, and in terms of satisfying people's basic needs) than other foreign policy instruments, such as military interventions
I don't disagree with your point as a whole. However, empirically, military spending is actually the most efficient way to stimulate short term economic growth through government spending: more so than welfare, healthcare, or public works (welfare and public works are both much better long term solutions, of course, and healthcare costs the government money, but life is a worthy cause, in my opinion). As a Democrat, it's not necessarily in my nature to want to uphold American militaristic spending, but it is flat out wrong to say that it is an inefficient use of money. Of course, this effect is on Americans and mostly only Americans. Foreigners are thrown under the bus by America, but then again, when are they not?