By 1990 the USSR had run out of options, so it wasn't a serious possibility any more.

The US will probably go through the same process, but it's looking more likely it will try to collapse outwards in a very messy way rather than collapsing inwards as the USSR did.

You could probably make a case for suggesting that Iraq and Afghanistan are parts of the process. Aside from the oil, they're about trying to prove that it's still possible to project force successfully.

But that didn't work so well for the USSR in Afghanistan, and it's not working so well for the US either. So if Obama wins I wouldn't be totally surprised to see some serious military cutbacks - especially if he gets a second term.