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So, usually when you have mandatory military service, the point is to make everyone go through training, so that if they have to call people up, they immediately have a large pool of people who have at least some idea of what they're doing (though they're probably a bit rusty).
The US has never done that. A number of countries have. Why?
A big factor here is geography.
The primary scenario you're going to need a lot of infantry on very short notice is if you're being invaded. If a country might find itself in a situation where soldiers are massing at their border and about to cross it, they cannot screw around for months calling people up and training them.
This mostly isn't a problem for the US, because of its geography and military position. The US is sitting on a landmass consisting of two continents with no other major powers. That makes it hard for a neighbor to invade -- you have to move an invasion force across the ocean. To do that, you have to gain control of the oceans so that you can move transports across them, which is extremely difficult against the US: it's the largest air and naval power in the world, and on top of that, it's allied with a large percentage of the remaining air and naval powers.
Here's a decade-old article that has someone from Jane's talking about what would be involved in an invasion of the mainland US in a worst-case scenario, where literally the rest of the world is conducting an invasion:
https://www.vice.com/el/article/we-asked-a-military-expert-if-the-whole-world-could-conquer-the-united-states/
Up until, say, about World War II, air forces weren't a major factor, and the naval balance of power meant that the US was not the largest naval power in the world. Around World War I, it was a second-tier naval power, well behind Germany and the British Empire. It was possible for larger naval powers to blockade and potentially transport invasion forces. However, an attacker is generally at a disadvantage; projecting power requires a substantial amount of superiority, since you have long, vulnerable supply lines over the ocean and any kind of amphibious attack, even across a river, means that you risk transporting part of your forces in -- because you don't have transport capability to move all of them at once -- and then having them clobbered while the next batch is coming over. In World War II, Germany unquestionably had much stronger land forces than the UK did, especially after the Battle of France. Mainland Europe was only separated from the UK by about twenty miles of ocean. But that little strip of ocean alone was enough to make an invasion too disadvantageous; Germany considered an invasion, which it had planned as Operation Sea Lion, unworkable unless it could gain both air superiority (which it did failed to do so in the Battle of Britain) and naval superiority (which it was not near either) to keep the Royal Navy and British air forces from turning the invasion into a disaster. And the distance over sea to the US from any major power is a lot larger.
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The US used to be relatively-weaker in a number of areas, but even then, the obstacles were substantial.
If you look at US war plans from the time of World War II, before it became clear that the UK was going to hold out and War Plan Rainbow Five became the guiding plan for the US behind WW2, the US did plan for a scenario where the Third Reich takes over Europe and the Axis comes after the US; the final iteration of this was War Plan Rainbow Four. In that scenario, the goal the US has is to have the US Navy hold off the invasion long enough to complete sufficient mobilization of land forces to make invasion impractical -- that is, the Navy had to buy six months or so -- then to rely on US industrial capacity to build up a naval force to gain ocean control, then push back against them. The US secures all closer landmasses, islands in the Caribbean and such, that might be used as a staging point for a naval invasion; having a closer staging point reduces the transport capacity to move invasion forces into the country in a short period of time.
https://digitalcommons.liberty.edu/cgi/viewcontent.cgi?article=1133&context=masters
Note that the concern here was that Germany -- which, in World War II, did not have a substantial surface fleet -- might conquer France and the UK and seize control of their fleets and then use them against the US, to try to make it more practical to conduct an invasion of the US. Note that in the actual war, where France was conquered but the British were not, the British were even more-concerned about this scenario, just with the French fleet alone and themselves as a target. They attacked some of the remaining French fleet after France surrendered, and later Germany attempted to conduct a surprise operation to seize control of the French fleet, which France scuttled while shooting it out with German land forces. When Roosevelt gave a number of US Coast Guard cutters to Churchill early in the war when the UK was desperate for more warships and the US was still ramping up its warship building, he got a personal promise from Churchill that Churchill would see to it that if the UK surrendered, the cutters would be either scuttled or interned at a neutral port, so that they couldn't be turned against the US.
This is aimed at keeping any major land invasion forces from having any staging point in the Western Hemisphere, so that the fight is pushed back to extremely long distances over the oceans.
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The Panama Canal is a strategic weak point for the US, as it controls communication between the major US population centers on the West Coast and East Coast. This was especially true at that point in time, when less overland transport capacity was made use of for domestic transport, and more shipping. A major goal of any adversary would be to sever the US ability to traverse the Panama Canal, so that they could degrade US logistics. If you look at the interwar Fleet Problems conducted by the US, one involved the simulated opposing force managing to sabotage a US battleship traversing the Panama Canal, to sink it in the canal and render it unusable for a significant length of time.
The Caribbean is a potential staging point for foreign forces. Same for Northeastern South America.
Alaska and Hawaii are less-important, though they facilitate control over the Pacific, especially given more-limited ship ranges at the time.
My guess here is that once the US gained sea control, it probably aims to do basically the reverse of what it was concerned about the Axis doing to it -- work up the coast of Africa to invasion staging points into Europe. The fight up the coast of Africa, which has poor logistical infrastructure, favors whoever has naval control, since they can make use of shipping.
Manilla Bay was a useful naval base; slowing or preventing capture would delay Japanese advance. In the event, Fort Drum managed to hold out for some months.
But not so as to get lost in the details, the "big picture" goals were to prevent and delay an enemy from being able to conduct a land invasion of the US to buy time for the US to do things like train soldiers and build naval capacity, and to retain US domestic logistical capabilities. The belief that the US would have the ability to delay an invasion force helps mitigate the need to have a large number of soldiers pre-trained.
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As to the firearms issue, the US has a large number of privately-owned firearms; the next-closest country in per-capita firearms possession has about half the number the US does in per-capita terms. Based on Small Arms Survey numbers, the American public has enough firearms in private arsenals to -- if all of the firearms in all of the arsenals of all of the militaries in the world vanished tomorrow, along with all of the firearms in all of the arsenals in all of the law enforcement agencies in the world, replace them them on a one-for-one basis, then give a firearm to every man, woman, and child in the UK, and then still have millions left over. So in a emergency situation, it's probably likely that the US could get enough armed, albeit untrained, militia on short notice to slow an invasion down -- there's that Red Dawn scenario.
It's important to note that these are not identical to those military firearms. A substantial chunk are handguns, for example, which are considerably inferior to assault rifles...but there are a lot of firearms out there.
There haven't been a whole lot of scenarios where the mainland US has either been invaded or seriously been considered as a target of invasion, so getting solid assessments from foreign militaries as to impact of such a militia is somewhat difficult.
The War of 1812 is maybe the best example, was fought against the British Empire at a time when the US was much weaker, militarily, than the British Empire. In this scenario, a number of battles were fought using militia. In general, the militia performed very poorly when sent on expeditionary forces into what is now Canada; the war was very unpopular, the most-unpopular in US history, and did not want to fight. There are some defensive battles that went poorly for the US, like the Siege of Detroit, where British forces successfully bluffed US defenders into a surrender. On the other hand, there are also some of those that went very well, like the Battle of New Orleans, where a force consisting of a small number of US federal soldiers and a bunch of militia, volunteers and even some pirates fought off a larger attack from British regular forces (albeit that some of those were not infantry).
Germany did have some people spend a while pre-World War I considering invasion of the US, leveraging Germany's superior naval power; establishing German bases in Caribbean countries as a staging point was considered to facilitate this. It wasn't judged to be practical.
In World War I, Germany attempted to get Mexico to invade and annex part of the US, which would distract the US from Europe, drawing forces away and permitting the German military a free hand there. The Mexican government had the Mexican military conduct an evaluation of an invasion and annexation. The Mexican military said that it wasn't practical, in part because of the large number of privately-owned firearms, so at least one military has conducted a formal assessment and considered the private arsenals to be another substantial factor in invasion viability:
One can also look at some analogs, like General Henri Guisan in Switzerland aiming to deter the invasion by Nazi Germany -- Operation Tannenbaum -- during World War II via leveraging its armed militia. That wasn't likely exactly the same scenario that the US would face; Switzerland just needed to make Switzerland sufficiently unpalatable and time-consuming to defeat that Germany would not invade when it had other enemies to worry about, not itself to defeat an invasion or slow it sufficiently for other military activities to be performed. But it's an example where it was considered to be relatively-important by a military.
So I think that civilian firearm possession making invasion more difficult is probably a factor, but very much not the primary factor in the eyes of the US military in not needing mandatory military service, if one looks at what US war planning has included -- rather, it's US air and naval strength making any kind of a rapid invasion of the US very difficult, and thus meaning that the US doesn't have the same critical need to have a lot of people pre-trained in infantry tactics.
And there's a cost to that mandatory military service. The time spent in the military is time spent not doing other things -- learning skills in other fields, producing things, etc. You're asking for something like -- depending upon country -- six months of every male's labor. It may be a cost that you want to pay if you don't have a great alternative, but it's not free.
I'd also add, though I do not think that this is the major consideration behind most countries that do do mandatory military service, that having pre-trained infantry can be helpful in an offensive role (or at least defending allies). War Plan Rainbow Five did not expect that the US could conduct major land operations in Europe for an extended period of time; it would need to build training camps and train soldiers. At the outbreak of World War II, the US had a very small army by European standards, smaller than Portugal's. War Plan Rainbow Five leaked to the US press, Nazi Germany did an evalution and concluded that the US could indeed not intervene in Europe with land forces for some months (though they may have already had a pretty good idea just from looking at US capabilities at the time and relying on their own estimates as to training time). So there is some utility outside of just defending oneself. But I think that for the US, as with most countries, the major factor deciding whether mandatory military service is necessary is the need to defend oneself in land warfare on short notice, and as things stand, the US probably won't face a scenario where that is necessary.