The US navy has squandered several advantages over the last few decades.

The unrefueled strike range of our carrier based planes has shrunk by half. F14s could fly out 900 miles. F18s less than 500. F35s less than 600. The A6 intruder could strike a thousand miles from the carrier.

The aborted attempt at a next generation destroyer program was a huge boondoggle and has resulted in new procurements of older, though still very good, Arleigh burke destroyers.

The US navy refuses to employ diesel submarines, which cost half as much as our nuclear attack subs and are now so quieter as to be virtually invisible. The reasoning being that our global navy can't effectively use subs with such limited range and endurance. However, a squadron of such subs stationed in the western pacific would be worthwhile.