Damn, well said SVTpaul! I am also a IR major and I believe one of the biggest problems is that the US doesn't really know what to do after the Cold War. Well most books will tell you that. The US lead the world during the cold war, yet when the cold war ended the US had was not sure of it's place. The world rapidly changed from a bi-polar world to a multi-polar.
About downsizing the military, it really is not that bad to rely on allies. Europe did so for centuries. It was the Concert of Europe that unified Europe, though against Post-Napoleonic France, militarily as well as politically. Even before, during Richelieu there was some idea of sharing military responsibility. European powers knew they could not sustain war unilaterally therefore the worked with allies in war and moreover to prevent war. The US should now realize that it can not wage war alone. Dismissing our allies will only lead to a weaker US. Kerry already has the support from Germany and I believe that will lead to more allies joining in the Iraq effort. I think the choice is clear.