The US has burned through so many air-defense missiles fighting Iran that it can no longer defend all its bases or allies — bad for American power, good for Iran, Russia, and China.

• Patriot interceptor stockpiles have dropped by two-thirds since the war began, and THAAD supplies are down sharply too.
• The military is now rationing interceptors, choosing which incoming missiles to shoot down and which to let hit.
• Iran opened with old missiles to drain US defenses, then switched to advanced ones now that supplies are low.
• Rebuilding will take years, so the US can't easily arm Ukraine or defend Asian allies like Taiwan, South Korea, and Japan.
• The Pentagon just committed over $120 billion to Lockheed and RTX for new Patriots and interceptors, boosting their profits while US infrastructure crumbles.

Outlook: Even with huge new spending, replenishing these missiles takes years, leaving the US badly stretched if a bigger conflict breaks out in Asia.