Martin Feldstein explores the links in a column for Barron’s.

The National Security Strategy released by the White House in early December differs from the previous congressionally mandated strategy documents that have been prepared every four years. The 2017 NSS is different because it emphasizes the role of the economy: “Economic security is national security,” the new NSS avers.

Much of the report is devoted to traditional aspects of national security: military budgets, alliances, and dealing with countries like Russia and China, which the new NSS calls “strategic competitors” (rather than adversaries). But the growth of the domestic economy, the role of international trade, and America’s new positive energy position also receive substantial attention.

President Donald Trump’s administration rightly points to its regulatory reforms and its recently enacted tax legislation as strategies for increasing economic growth. A bigger economy provides the resources to build stronger military capabilities. But that economic growth can translate into more effective national defense only if Congress enacts future increases in the defense budget, targeting areas in greatest need of expansion.