I'm not sure that we can adequately compete in the Pacific. Frankly, I see that we can provide reasonable assistance with deterrence in the European/Atlantic theatres but we're way out of our depth in the Pacific.
Land forces there - forget about it. Do we want to station a brigade/division in Taiwan? Japan? Korea? Indonesia? Australia? - I don't see that. We're hopelessly overmatched with both naval and air forces there and regardless of what else we might want to build will never be anything but a token force there with little influence. Yes. I believe we should have a presence but we need to remain realistic about it in the same way that we need to carefully balance our relationship with both the US and China these days. Neither side should see us as too deeply in bed with the other.
IMHO, we are currently on the right course for the mid term as far as the navy and air force are concerned. My criticism of the army remains the same. We are hopelessly devoted to a small regular force army with an unequipped, marginally capable reserve force when we should be creating a large fully equipped hybrid army for the future. I don't like the current 1 Div / 2 Div model and wait with bated breath to see what the 100,000 PRes model looks like. The signals that I'm seeing do not make me optimistic.