The last time someone made cuts olong those currently proposed was the
Geddes Committee in 1921. The result was the "RAF Flying Club" of the late 20s and early 30s.
Unfortunately we don't have the Schneider cup to keep development going, and ramping up production when needed takes a lot longer than 1-2 years as well.
As for being able to see 10-20 years ahead, who foresaw the fall of the USSR, the Falklands war, the first Gulf war etc.