So far, so good, Romney. From 1917 forward the number of actively listed ships fluctuates much like you might expect, peaking at the end of 1945 with nearly 7,000 active vessels, and troughing between periods of military conflict (though never dipping back below 300). Until, that is, the 2000s, when the Navy's active fleet shrunk to its lowest level since the 19th century in 2007 under the leadership of George W. Bush. But Romney is comparing apples to oranges. His comparison, for the purposes of measuring the Navy's strength, is meaningless.