Not So Small Navy
Strategypage discusses something I have already talked about here, that the US Navy is not so bad off in the number of ships, as many in the press and Congress (especially those in states that are shipbuilders) would like you to believe:
Today, the USN enjoys a "17 Navy standard"; that is, the total tonnage of Uncle Sam’s fleet is equal to the combined total tonnage of the next 17 smaller navies. Even combining the two biggest potential naval competitors (the Chinese and the Russians), the USN still outclasses them by over 3:1 in tonnage, and it has substantially more combat power. Of the world’s 34 aviation power projection platforms (i.e., vessels capable of operating combat aircraft), the US owns 24 (71-percent), eight times more than the second leading navy, the decidedly friendly Royal Navy, which has with three V/STOL carriers. In addition, the US surface fleet carries four times as many VLS (vertical missile launchers) cells as the rest of the world navies combined. The US submarine fleet enjoys better force ratios against the next two most numerous underwater fleets than it did against the Soviets during the Cold War.
Here you can also read more on this subject, my article "The Myth of the Weak Fleet".