Interesting myth, except it was Bush the Elder who did the first 'peace dividend'. And soldiers go to war poorly equipped because the Military/Industrial complex invests in bigger and more complex white elephants that seldom fit the next war, especially the brush wars of Empire. Body Armor or small armored patrol vehicles are a nit in the overall cost of a military suited for brush wars but that doesn't garner fat commissions or insure comfortable retirements for army project managers.
Take the Crusader Self Propelled weapon- 'conservatives' rended garments and wailed to the GAWDS that President Obama was 'gutting the military' by cancelling a super heavy gun system better suited for defense of the Fulda Gap than a FOB halfway around the world and only accessible by air vs the BushII decision to keep the production of Body Armor in the hands of a few very small shops instead of a war time footing license the production out. Or using the Jeep's replacement as an armored vehicle in Urban environments for which it was poorly suited taking forever to develop specialty vehicles that other nations have had for decades.
Everything from main battle tanks to tracked armored fighting vehicles we take forever to develop our versions, sometimes decades after our enemies have standardized their versions. (good thing we don't fight the enemies we plan for) But we push hard for boondoggle nuke subs and 'they cost how much jet fighters???'
It isn't who occupies the White House or even Congress that seems to matter, as long as jobs get doled out across the nation.
No Sir, it is a mad cap conglomerate that decides what to build...
eace