Our technological advantage gives us an asymmetrical advantage that I would hate to lose. The fact that our Navy and Air Force can dominate the seas and the sky provides a superb level of protection from the more conventional types of attacks, which are still possible. Russia, China, North Korea, and emerging countries in our own hemisphere provide potential examples of possible conventional conflicts. I think States will have to go to war over precious resources whether it be oil or water within the next 20 years, and we'll probably get drug into the conflict, and having a dominating Navy and Air Force puts the Army in a better position to complete its task.

Of course the threat dujour is unconventional/irregular, and it will be around for the forseeable future, but that isn't the only threat. The problem is if you quit making those F22s, fast ships, etc., you lose the industry base, because those workers (high tech, high skill) will migrate to where the money is. The Companies will regear their machines to make something else (commercial not military), etc. and we run the risk 50 years down the road of losing that edge.

All that said, the investment right now needs to be weighted towards the ground forces and strategic lift to get them to the fight.