I'll co-sign on the nation building. It hasn't worked, and it's a misuse of our military force.We can reduce forward deployments without much, if any, damage to our strategic interests. With that said, reality is that we will have to maintain some foreign bases for logistical purposes. Then there's the overuse of our Guard/Reserve components to fill out active units; we've already stressed these to the max with our current force structure. Let this economy improve, and the damage to morale/retention in these components will be even more apparent than it is now.
In addition, trying to project future threats is always something of a guessing game. So far, we have been lucky; there is no guarantee that luck will continue. There ARE consequences to not being able to fight two major conventional conflicts at once. Those of you who look at this as some kind of "war preventative" are being short-sighted; the main result is to reduce our conventional options, and potentially put us in a position where a situation could force us into a heavier response than is desirable; do you really want the choice to be between doing nothing, and turning something into glass?