US Military Budget

I was arguing about military spending with some friends and wanted to verify numbers. My basic point was that US military spending almost matches what the rest of the world spends. We are at 43% of worldwide expenditures. The US and NATO account for 2/3 of the world’s military spending. China spends 1/8 what the US does and 1/12 what the US+NATO spend.
Iran’s annual budget is less then the US spends in 3 weeks in just Iraq and Afghanistan. China’s military budget would only finance 6 months of Iraq and Afghanistan.
This graph is the comparison between the US 2008 budget and the rest of the world from Center for Arms Control:

From Laicie Olson at the Center for Arms Control is this graph showing US military spending over the past 10 years. These are expressed in constant 2010 dollars. The budget has increased since 2001 to 2011 by 67%. US GDP (Gross Domestic Product) has increased 18% in that time period $13.2T vs $11.3T from forcasts.or