On the first night of the gulf-war ground assault, Army artillery Captain Jeffrey Davis helped pour hundreds of rounds of high explosives into Iraqi positions. A month later, he was feted in a triumphal Stateside victory parade. Last week Captain Davis, 29, a seven-year veteran from Wyalusing, Pa., was facing unemployment, squeezed from the Army by declining defense budgets. "I served well," said Davis, who had dreamed of a military career. "Now I hope I can compete in the real world."
Captain Davis isn't alone. Now that the cold war is over, more than half a million soldiers -- roughly the...