and comparative advantage to others with a link to a lengthy report.

Executive summary of the report linked in the article (copied below) lays it out. The more basic question - should the US strive to have massive military superiority over the rest of the world? If not, what level should we strive to be at and if so, how much "superior" if that can be quantified.

"The security and well being of the United States are at greater risk than at
any time in decades. America’s military superiority—the hard-power
backbone of its global influence and national security—has eroded to a
dangerous degree. Rivals and adversaries are challenging the United
States on many fronts and in many domains. America’s ability to defend
its allies, its partners, and its own vital interests is increasingly in doubt.
If the nation does not act promptly to remedy these circumstances, the
consequences will be grave and lasting.

Since World War II, the United States has led in building a world of
unusual prosperity, freedom, and security—an achievement that has benefitted
America enormously. That achievement has been enabled by unmatched
U.S. military power. Investments made in our military and the
competence and sacrifice of those who serve have provided for the defense
and security of America, its citizens overseas, and its allies and
partners. America has deterred or defeated aggression and preserved stability
in key regions around the globe. It has ensured the freedom of the
global commons on which American and international prosperity depends,
and given America unrivaled access and influence. Not least,
America’s military strengths have prevented America from being coerced
or intimidated, and helped avert a recurrence of the devastating
global wars of the early 20th century, which required repeated interventions
at a cost of hundreds of thousands of U.S. lives. Put simply, U.S.
military power has been indispensable to global peace and stability—and
to America’s own security, prosperity, and global leadership.

Today, changes at home and abroad are diminishing U.S. military
advantages and threatening vital U.S. interests. Authoritarian competitors—
especially China and Russia—are seeking regional hegemony and
the means to project power globally. They are pursuing determined
military buildups aimed at neutralizing U.S. strengths. Threats posed by
Iran and North Korea have worsened as those countries have developed
more advanced weapons and creatively employed asymmetric tactics. In
multiple regions, gray-zone aggression—intimidation and coercion in the
space between war and peace—has become the tool of choice for many.
The dangers posed by transnational threat organizations, particularly radical
jihadist groups, have also evolved and intensified. Around the world,
the proliferation of advanced technology is allowing more actors to contest
U.S. military power in more threatening ways. The United States adversaries. Finally, due to political dysfunction and decisions made by
both major political parties—and particularly due to the effects of the
Budget Control Act (BCA) of 2011 and years of failing to enact timely
appropriations—America has significantly weakened its own defense.
Defense spending was cut substantially under the BCA, with pronounced
detrimental effects on the size, modernization, and readiness of the
military.

The convergence of these trends has created a crisis of national security
for the United States—what some leading voices in the U.S. national
security community have termed an emergency. Across Eurasia, grayzone
aggression is steadily undermining the security of U.S. allies and
partners and eroding American influence. Regional military balances in
Eastern Europe, the Middle East, and the Western Pacific have shifted in
decidedly adverse ways. These trends are undermining deterrence of
U.S. adversaries and the confidence of American allies, thus increasing
the likelihood of military conflict. The U.S. military could suffer unacceptably
high casualties and loss of major capital assets in its next conflict.
It might struggle to win, or perhaps lose, a war against China or
Russia. The United States is particularly at risk of being overwhelmed
should its military be forced to fight on two or more fronts simultaneously.
Additionally, it would be unwise and irresponsible not to expect
adversaries to attempt debilitating kinetic, cyber, or other types of attacks
against Americans at home while they seek to defeat our military abroad.
U.S. military superiority is no longer assured and the implications for
American interests and American security are severe."