"I think you missed the phrase "more fearful THAN NECESSARY"."
No, I didn't. I objected to the notion that American men would become increasingly fearful in reaction to more bad news. I think most of us would instead become more angry and resolute.
The term "WWII" wouldn't serve any purpose but to make those who tend toward fear more afraid than necessary.
There is, in fact, not much to fear as you point out. That's why inflammatory verbiage which conjures up images of trench warfare, concentration camps, etc. isn't helpful.
"War on Terror" does just fine IMO because that beautifully sums up what it is.