Dramatic - though a planned, intentional sinking.
See carrier vulnerability to relatively inexpensive conventional submarines http://nation.time.com/2012/12/04/more-than-the-navys-numbers-could-be-sinking/
On one hand the US Navy, particularly in its air power and subs, (probably) has more naval power than all other Navies put together.
On the other hand most of the air portion is on those vulnerable carriers. Many Admirals and politicians (especially Congressmen in porkbarrel districts) love big ships - and carriers are the biggest on offer. China, the UK and India are gradually playing the same game building or renovating ever bigger carriers. So at least the extreme waste and vulnerability is afflicting these other navies.
Looks like the 1920s Washington Naval Treaty should be revived.
PS - Here's an excellent set of comments http://newwars.wordpress.com/2009/12/31/americas-carrier-fleet-cited-as-vulnerable/