Got a spare 8 hours?
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A deep assessment of American military capability:
https://www.heritage.org/military/an-assessment-of-us-military-power
Or, you can skip to the conclusion:
https://www.heritage.org/military-strength/assessment-us-military-power/conclusion
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I only read the conclusion, but it seems like an interesting report.
I think that the big problem that seems to be common is lack of manpower, and I think that is related to the fact that the number of young people who would go into the military is decreasing as the US ages. Not sure how to overturn this.