So this will be a rather Skroe-esque post, so if you don't like walls of text I will have a TLDR at the bottom.
The recent war-drums the Trump administration is beating over Venezuela sparked this post, but this is not really about Venezuela in particular, this is about the overarching disaster of US Military administrative policy over the last 30 years. The end of the Cold War left the US military without its driving focus, defeating a well armed, well equipped, national level threat. Since then we have had 4 presidents, and each has dramatically changed the course of what our military purpose was, and each has made it more unsustainable. This has left us with a hugely expensive, overextended, directionless, and ultimately unsuitable military structure. The political "Solution" to this over the last three decades has been to either add or subtract money from its budget, but the problem has never been money, but military policy. The US does not have a clear understanding of what it wants its military to do. And this fundamental failure has consequences far beyond the military, as it has deep consequences on the US Economy, and global security and international politics.
To understand how we got here, lets start with the Clinton Administration in 1992. George Bush's Administration made no major changes to the Cold War infrastructure of the military. He used that exact structure to execute a decisive war with Iraq, to accomplish a clear military objective, and then concluded that campaign. It was a war that the military was perfectly suited for, and it showed. When Clinton took the White House however, things had to change. The massive armored formations, missile networks, and gigantic blue water navy all were intended to fight a threat that no longer existed, and the situations that were unfolding needed a different approach. Clinton was confronted with a disastrous military intervention in Somalia, a open ended ethnic conflict in the Balkans, instability in Latin America, and other non-traditional threats, where the US was the only remaining superpower to influence. Simultaneously, he had a large debt problem that had come from the Cold War, and a gigantic military budget that no longer served its original funding. Clinton slashed military spending, restructured the Army away from its massive armored formations, cancelled an entire generation of advanced warfighting projects. He also began to deploy the military to Peacekeeping and stability operations, with long term commitments to entire regions. These policies where deeply unpopular with the military, and earn Clinton the enduring enmity of military buffs everywhere, but they were logical and necessary. He severely underestimated the longevity and expense of his commitments however, and future presidents would compound that.
Next came Bush, and although his campaign rhetoric indicated a very different role for the military, before he really had a chance to implement any of it, his hand was forced. He had loaded his administration with people with very deep ties to the defense industry, most notably Cheney and Rumsfeld, who had chafed under the Clinton era reductions. 9/11 required a military response, and these individuals ensured that response would be massive, lasting, and expensive. Two wars began, minor in historical context, major in the context of military capability. The massive drain on money and manpower nearly broke the military that had been restructured under Clinton, and the efforts to expand it slashed recruit quality, accountability, and readiness to catastrophic levels. Budgets and numbers soared, and so too did reliance on expensive third parties to support it. A massive quasi-military infrastructure sprung up nearly overnight, one without which the military could no longer operate. But it still wasn't enough. A key decision was made not to utilize the draft to expand the active military, as we had done in Vietnam, instead, the National Guard was increasingly used to bulk up Active Military. This decision was made because the draft had major contributions to loss of public support for Vietnam, and it worked. US popular support never forced the end of either war, as without the draft, most Americans didn't care enough to protest. Instead, the Guard was stretched to the breaking point, and the Active component grew to rely on their manpower. Like Clinton, foreign policy continued to lead to massive long term commitments, with no clear end or military objective. Military deployments were drawn around the doctrine of "Presence", that is, that simply being there was enough to accomplish the objective. This doctrine was used to a ludicrous extent, even creeping into tactical operations, where platoons wandered around hostile areas with no purpose at all. Financially, the Bush Administration refunded the old military programs and then some. Absolutely catastrophically expensive programs like the F-35 JSF, the Zumwalt Destroyers, and a never ending parade of mine-resistant vehicles sprang up, and were funded to absurd levels. There was very little accountability in these programs, leading to broken and ineffective equipment that had cost overruns in the tens of billions. Finally, the last legacy was the decaying of American moral authority, as lack of tactical guidance and an elusive and frustrating enemy led to atrocities and war crimes committed by US military personnel.
Then came 2008, and Obama took office. Promising to end the two wars, close Guantanamo, restore US moral authority, and revitalize the military, while balancing the budget like Clinton did. Over the next eight years he did exactly none of those things. In fact, the most permanent legacy of the Obama years was the full continuation of every single thing that was wrong with the Bush years, only begrudgingly, rather then enthusiastically. Essentially Obama's policies were the same as Bush's, he was just less happy about it. The programs that were started under Bush became even more bloated and worse under Obama. The Zumwalt destroyers for example were cut from 24 ships to 3, the program cost tripled, the guns were defunded for ammunition, yet not replaced, so the ships can no longer shoot, and it turns out the hulls are not suitable for open sea operations and the engines aren't reliable. In other words we bought three warships that can't shoot, move, or float, and we paid double what we thought we could get 24 next generation warships for. Other programs performed similarly, as defense industry interests consumed the entire pentagon. Obama's desperate attempts to cut the still rising military costs led to sequestration, essentially slashing the budget arbitrarily without guidance on where to save, since he couldn't get individual program cuts approved. The resulting cuts landed directly in the operating budgets of military units attempting to either actually engage in combat, or reform our almost extinct counter-national capabilities. Attempts to end the war repeatedly failed, and in frustration we withdrew from Iraq prematurely, leaving a seething power vacuum that boiled over almost instantly. Each step of this pushed the military harder. The last few years of the Obama years actually marked some improvements. Tactical goals improved, operating budgets stabilized, and the National Guard took a much needed breather. The bloat remained however.
That brings us to the forum's favorite topic... Trump. He threw open the doors and welcomed in an unprecedented swarm of defense executives, mercenaries and racketeers. He threw them some of the largest spending increases in history, and gleefully overcommitted to everything, while not establishing a single military objective ("Destroy ISIS" doesn't count. Also he changed his mind on that). Like Obama, he promised to end the wars. Also like Obama, he can't. Instead he seems determined to start new ones. With the active military already stretched by Obama era commitments to Europe and the Pacific, the Wars in Afghanistan and Syria/Iraq are being increasingly handed over to the national guard. The active military is taking on large new commitments to our own border (Which like 5 other agencies are already responsible for), and potentially soon in Latin America as well. More money won't help here, more bodies are needed if we pursue these things, and right now they are coming the Guard and Reserves, and those units are breaking down fast. Meanwhile our military budget is growing at a completely unsustainable rate, and cutting it is political anathema. The big defense contracts have framed these bloated projects as "Patriotic", as we continue to pour money in to large cap technology and fall behind in Soldier skills and truly adaptive areas, such as cyber.
The promised TLDR (Because yes, I am sure you didn't want to wade through that): The US Military has become a massive, bloated, structure that is bad at all the things we actually use it for, and is destroying our budget and our relationship with the world. While it remains a stunningly lethal force, it is so badly overstretched that it can barely fulfil the most basic functions of two extremely small existing context, and the possibility of a third is horrifying to anyone tracking military capability. Regardless of the rational of engagement in Venezuela, the idea that we can't effectively do so, even if we wanted too is frightening. By operating our military at max capacity, all the time, we are losing the capability to build efficiency, and we are unable to effectively deal with an emerging crisis if it arises. If we do not see a major, sustained policy shift for our military extremely soon, we are going to be stuck an absolutely crushing financial drain that simultaneously fails to perform its core purpose to the nation.