Almost correct, but frankly we're not even funding the military. We just have a bunch of leeches at the top who take money away from public services, give fat bonuses to their friends using contracts and/or telling government institutions that they MUST buy from only approved suppliers (the approved supplier is owned by their friend and sells things that they bought from regular suppliers and marked up by 1000%).
Also the bastards pulled us out of the EU at Putin's request, so we effectively do not have a future anymore. We have no realistic avenue to pursue profitable international trading, our science and research sector is hemorrhaging and direly underfunded, and frankly, we are out of meaningly natural resources to sell (although I know damn well our current government would not use the money gained from selling resources to set up a sustainable national income for the future).