The biggest problem, John, is that the United States government doesn't recognize our enemies. We not only need to worry about a growing but limited threat from Russia and China (both have economic problems that a Reagan-style attack would totally collapse), but an equal threat from Islam, both from Saudi Arabia and Iran.
I worked inside the US intelligence community for 25 years, from LBJ through Bush I. The biggest problem was getting the people at the top to accept and properly interpret the threats we identified. Washington has always had more than its fair share of wishful thinkers who thought they "knew better" than anyone else. LBJ was bad, Carter was worse, and if I were still in the business, I'd be pulling my hair out with the current "misadministration". We're going to continue to have major problems until we go back tot he words of the Founding Fathers, and flush all the blather of the last century wished upon us by the "progressives" -- the world's largest Post Turtle party.