Eight years ago, the entire U.S. military began a rapid downsizing. Many good people were forced out, and many didn't get promoted. Now the situation has reversed. Retention is at an all-time low, and recruiting quotas are not being met. Many units are underfunded.
Morale is low in some career fields, with the constant deployment to places like Bosnia and Kuwait.
In my field, Acquisition, we have trouble keeping our young engineers because the economy is so good. Often these young officers have a spouse with a career - and the pressure to settle down is strong. Some might see this as a good time to get out. I see it as a time with great opportunities. Already, Congress has raised our salaries.