A paper by the Center for Defense Information, “The Other Meltdown: Little to Show for Huge Defense Budgets.”

Money quote:

Perhaps you need a short review. America’s defense budget is now larger in inflation-adjusted dollars than at any point since the end of World War II. However, our Army has fewer combat divisions than at any point in that period, our Navy has fewer combat ships and the Air Force has fewer com­bat aircraft.

Go read.