You're not wrong, but the blame is perhaps misdirected, because domestic affairs are not necessarily downstream effects of foreign economic and military policy.
My personal opinion is that the US military industrial complex has less to do with the depressed economic conditions of rural America than the corporate oligarchs who have exploited outsourced cheap foreign labor to extract more profit.
In the aftermath of WWII, there were many industry towns that experienced massive economic growth because of government investment into technologies that sought to maintain a strategic advantage in a postwar, US-dominated global economy. To maintain energy security, places like West Virginia mined more coal and Texas pumped more oil. Domestic manufacturing experienced a boom. But in peactime, increasing globalization of the labor market drove the outsourcing of labor as described above, and killed these towns. A generation of Americans who believed they were entitled to good jobs with minimal education were left in the dust.
Even now, with renewable energy initiatives, these same people still want to risk their lives and health to mine coal. They are stuck in a past that no longer exists.
And when you compare against Europe, you can see that a lot of the grievances that so many Americans (very much rightfully) have--fair labor practices, less wealth inequality, more worker rights, a living wage--are policies that those same Americans have consistently voted against by electing representatives that are bought by corporations. That's not just a failure of accountability, it's a failure of education and resistance against propaganda.
That austerity is coming to Europe is actually more of a symptom of the worldwide cancer of the capitalist class that relentlessly continues to seek ways to extract profit from the working class. They see social programs--money that hardworking taxpayers have paid--as their next target to raid, and drunk off their success in the US, are seeking to do the same elsewhere.