In my day, I've lived through the build-up for Viet Nam, was on active duty during those final years, and during the reduction in force that took place afterward. I watched the military be re-built under Ronald Reagan, and then torn down again during the Clinton years. We have not recovered from that time.
When I enlisted in the Navy, we had three times as many surface warships as there are now. That's only one example, I know, but you know I'm right.
The enemies which we faced down during the Cold War era are rebuilding now, while our recent leaders haven't seemed to care. I grant you that our modern fighting forces are the best we've ever had, and they have superior weaponry ... but watching our foes re-arm themselves would leave me in great apprehension if I didn't know Him who is the Author of history and of my redemption.
My increasingly-close friend DR over at The Maritime Sentry has linked to a report which puts much of this in perspective. Head on over and take a look.