In terms of the two air component discussion, I'd think we'd do better to either increase Marine or Navy air assets to fill the COIN role. By chopping A-10s to Marine Air, and increasing the amount of medium and light lift aircraft they can operate (airframes of C-130 and smaller size) I think you'd hit a good balance. You could do the same with Navy air, although it would have to be land-based (which would cause a different set of problems to be sure). Giving the Army an increased medium to light lift capability would help, and also free up AF project funds for their own uses.
My fear with splitting the AF in that way is that you'd see the SAC vs. TAC mentality all over again, with MAC left out in the cold to get by with what was left over. If the AF doesn't want to deal with COIN now (and I have yet to be convinced that the majority of the service really DOES want to deal with it...there are of course exceptions), I can't see how splitting the funding between two "branches" of the AF would improve the situation. Keep the AF ready for major conflicts (as in more conventional engagements) and strip some of their small wars capability away and chop it to services (or branches) that have it as a day-to-day concern.
We may have to agree to disagree on some of these points, because I still do think that some of the AF's problems when it comes to airframe age and the like are of their own making (banking the future of the force on high-tech that takes decades to come down the pipeline and is subject to silver bullet design theories...an issue that in all fairness does impact the other services as well...like the Osprey, FCS, and other programs).
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