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The draft should not be reinstated. There is too much potential for political upheaval that can stress our society, like in the late 6s and early 70s. Also, a drafted military does not perform as well as a professional volunteer one.
The underlying problem here, in my opinion, is that we have too many reservists and too heavy of a reliance on the National Guard. These entities are like a sacred calf to members of congress. Cutting back on reserve or guard, in order to increase the number of full time professional soldiers, is not a good political option.
The trend towards increased reliance on the reserves and guard makes sense during peace time, but this is when you don't need them. A well planned military does not build around peace time logistics. Changing this is expensive, but not that expensive. US military spending is under 3.5% of GDP and it should probably be in the 4-4.5% range.
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