We also have an all-volunteer military right now, a significant portion of which is composed of folks who were drawn in by the lure of decent, guaranteed pay (and other perks like GI bill, loan repayment, 'job skills training', etc) in a relatively low-risk environment. That will change if/when the US casualty count starts rising. I'd suspect that the military will suffer some of the same fate as did a host of companies who relied on the 'loyalty' of X'rs. We're notoriously good at cost-benefit analyses, and you don't get a much higher cost than death. Push the risk of that up beyond some tolerable threshold, and see what happens to retention in the all-volunteer force.
One thing the enemies the USA had to face in the last 3T and the current 4T are not the formable Japanese and Germans, however enemies who seem to be push-overs by comparison on the conventional battlefield. The Iraq campaign coming up will be like those colonial wars Western Powers fought in places like India and Africa. Basically a wog-bashing exercise so to speak.
In regard to Iraq once USA military might is shown on the battlefield the Iraq forces will literally melt away. Since Saddam has little support in Iraq everyone will be defecting to the US side in days of the offensive starting.
Against the sort of enemies that the United States will be facing its military is more than able to face up the job. Even countries like France, Britain, Germany or even Israel can defeat countries like Iraq; the enemies we face are so weak. The United States is the only country with the necessary political will and military power to carry out such a military exercise.
This is a far different 4T than the Great Power Crisis was, it is doubtful there will be a major war on the scale of WW2. It is also doubtful the millennial generation in the west will serve in the military in the numbers the GI?s did. The Millennials might see National Service, however in other non-military forms.
"If a man really wants to make a million dollars, the best way would be to start his own religion"
L. Ron Hubbard