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Uncle Adolf used the same logic to boost Germany's economy. USA was a bit into foresight in those days and boosted the economy until the Axis Powers decided to change events. An Economist would very much agree with that. Normal people wouldn't.
But look at the bright side of life. With the way the economy is going everywhere, manufacturers from whatever country can supply us better equipment much cheaper than other countries. If you want a tractor, China and India can supply them at a very competitive price.
Same goes for our defense equipment. Many countries are developing very sophisticated weaponry for defense. Although problably have an "exclude us button" as well.