In today's world, the US outspends the next 10 countries combined. In normal times, it values the lives of its servicemen, and is willing to spend quite a bit to ensure dominance. So it will often have boutique gear that other countries could never afford.
The US outspends the next 10 countries combined in peace times. By comparison, Germany outspent the US on its military by a factor of 20 on the eve of WW2. Obviously once the war got going, the US' immense industrial capacity (along with the other Allies; the British Empire and the Soviet Union had the number 2 and 3 GDPs) was unstoppable.
We no longer live in the age where the US represents half of the world GDP and the bulk of that is manufacturing. China's has a larger economy in terms of Purchasing Power Parity, it has extensive manufacturing capacity, and a vast population. If push came to shove, we wouldn't be able to simply outspend them. In that hypothetical conflict we are the germany with a bunch of questionably useful wunderwaffe.
You're right: we would simply starve them (in addition to strategic bombing of all of these manufacturing centers.)
They do not possess the food calorie production to sustain their population, nor do they have the arable land to magically begin to do so.
> we are the germany with a bunch of questionably useful wunderwaffe.
We have outstanding fast attack submarines which can't be stopped by ASBMs: exactly zero freighters carrying food from South America or crude oil would be permitted.
Today the US has 55 fast attack submarines, each of which can carry about 50 torpedos at a time. So with 100% of your subs deployed you can sink maybe 250 ships. The US has an inventory of about 1000 torpedos so you can do that about 4 times. Shanghai alone receives 230 ships per day. So The US submarine force is roughly capable of shutting down the equivalent of 1 chinese port for a few days. Realistically, your not even going to get anywhere near that. 30% of your subs are going to be out of service at any given time, more will be transiting between service bases and the war theater, only a portion of those can be spare for commerce raiding, it takes time to locate targets, and you will suffer attrition to ASW. After those first few days it becomes a race between US torpedo production and Chinese ship building. The US can produce 10 torpedos per month; China produces 15 ships per day.
Of course China isn't an island - it can import food from its neighbors by land connections. Nor is it even deficient in domestic food production capability. It grows 700 million tons of grain per year which is enough to sustain 3.8 billion adults. It imports a lot of food in peacetime because people want more than bare subsistence, and certainly interdicting trade will piss them off quite a bit, but it's not going to bring them to their knees.
The idea that in a peer war it will only be them suffering - their trade will be interdicted, their industrial centers will be bombed - and they won't have any means to strike back is exactly the complacency I was referring to. Maybe if war broke out tomorrow it would go that way, but that's merely an argument that China is not yet truly our peer. We must plan under the assumption that somebody, and it might not be China, will in the coming decades reach the point where they can tank a hit from us and hit back.
And this strategy was enormously effective. Absent U.S. intervention, Europe was fucked.
> The Allies just made ships faster than they could be sunk.
Not "the Allies" - just one Ally, separated by an entire ocean. No such separation exists today.
> Today the US has 55 fast attack submarines, each of which can carry about 50 torpedos at a time. So with 100% of your subs deployed you can sink maybe 250 ships
We had torpedo bombers in 1940, as well, submarines aren't the only ASW mechanism that exists. How many sunken ships in each port will bring them to a grinding halt? Are they magically going to tug millions of tons of steel out of these harbors?
> China produces 15 ships per day
When their shipbuilding operations aren't strategically bombed into oblivion, sure.
> it can import food from its neighbors by land connections
Now it's a World War - why would this be allowed?
> grows 700 million tons of grain per year
With several hundred million of those tons of grain (along with vast amounts of other relevant food calories - livestock, etc.) being grown in the Yangtze basin, courtesy of the fact that the Three Gorges Dam is allowed to exist. Why would the U.S. allow that dam to remain intact? This one structure is a cheat code: knock out 50% of enemy food production, displace or kill hundreds of millions of people creating a mass humanitarian crisis and subsequent Cultural Revolution, and hobble huge amounts of industrial production. Short of theoretical attacks like EMP, no such non-WMD single-point-of-failure exists anywhere in the United States.
Nuclear response is truly the only thing keeping the peace.