American capitalism and the social safety net would function much better without the drain on the budget of the military/security complex. It is more correct to say that the military/security complex wants a major threat, not an actual arms race. Stateless Muslim terrorists are not a sufficient threat for such a massive US military, and the trouble with an actual arms race as opposed to a threat is that the US armaments corporations would have to produce weapons that work instead of cost overruns that boost profits.
The latest US missile ship has twice broken down and had to be towed into port. The F-35 has cost endless money, has a variety of problems ( http://www.stopthef35.com/pentagon-f-35-wont-have-a-chance-in-real-combat/ ) and is already outclassed. The Russian missiles are hypersonic. The Russian tanks are superior. The explosive power of the Russian Satan II ICBM is terrifying. The morale of the Russian forces is high. They have not been exhausted from 15 years of fighting without much success pointless wars against women and children.
Washington, given the corrupt nature of the US military/security complex, can arms race all it wants without being a danger to Russia or China, much less to the strategic alliance between the two powers.
The neoconservatives are discredited, but they are still a powerful influence on US foreign policy. Until Trump relegates them to the ideological backwaters, Russia and China had best hold on to their strategic alliance. Anyone attempting to break this alliance is a threat to both Russia and China, and to America and to life on earth.