Is the U.S. military industrial base prepared for peer competitor war?

Can the military industrial base of the United States sustain the equipment, weapons, and munitions required for war against a great power like Russia or China?

Not really.

Unlike the wars in Iraq and Afghanistan, a war against a major power would burn through military goods, and U.S. factories would not come close to producing enough to match the burn rate. The U.S. could try to retool civilian factories like they did in World War Two, but A: that took several years even back then, and B: modern technology requires: several specialized parts, rare materials, particular knowledge, and special security, making it difficult to simply retool a civilian factory.

Nevertheless, the country could still surge capacity, but that would take years, and even then, the production capability would not match the burn rate.

The massive costs of having factories and employees in waiting to produce equipment that may never be needed and may soon be obsolete has discouraged the U.S. from maintaining a sufficient military industrial base. Building and sustaining such a base at a level to match the burn rate of a great war will probably never happen, but the country still needs to improve these capabilities to maximize the chances of winning a great power war, and to help deter other countries from entering one with the United States.

Burn Rate of Modern War