Three simple points as to why I think this:
1.Crippling mismanagement. The military is undermined constantly by politicians in Washington. Its either with using the military to establish puppet Governments overseas instead of winning wars efficiently or its undermining the efficiency of the military itself; let's be real here, injecting gender eglatarianism in a organization designed for killing armed combatants and subjugating foreign nations is utterly brain dead thinking and not even something that gains you much public support (or wouldn't if Americans in general had a better concept of war aside from a guy holding a gun that magically doesn't recoil shooting armed combatants).
2. How many notable wars have we actually won since WWII (the Pacific theatre anyway)that weren't bittersweet victories even with all of our technological advantages? The only one I can think of was the second Gulf War and frankly,I personally feel that the majority of Sadaam's army deserting him and that Sadaam himself was essentially a more incompetent and ineffectual version of Hitler from a strategical standpoint helped minimize American losses.
3. Any military kind of requires that there are men willing to answer the call of duty instead of, you know, dodge the draft in mass (or at least widespread enough to the point that it was actually noticable to the broader public) like what happened during the Vietnam draft. Mind you, this was during 1960 and I don't beleive for a second that the welfare of American young men have improved from that time (societal ridicule, a lesser sense of purpose, being overshadowed by female peers in employment and college enrollment, and rampant increases of single parenthood from the time vs the risevideogames and porn). At some point, hiring mercanaries has to become more cost effective than instituting a draft withlow rates of return.
Technological, industiral, and natural resource edges aside, these three factors I outlined really lead me to beleive that our military is vastly overated in terms of general performance (though I beleive that we're still one of the best relative to other countries, mind you).
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