This is analysis of a conventional war; the A-bomb is a separate topic IMO.
Short version of my view is:
1.Germany should have defeated the SU and only lost because Hitler assumed a quick campaign.
2. After defeating the SU, the resource balance might actually favor the Axis and,
3. A relatively-small W.Allied resource advantage would give an insufficient margin for Allied total victory in a conventional war given (a) cost of distance for U.S., and (b) Allied offensive posture, German defensive.
I've said enough about the Eastern Front elsewhere, for example: viewtopic.php?f=11&t=243557. So I'd like to concentrate on the post-SU aspects of my view.
In this post I will start by explaining point (2). Later I'll get to points (3)(a) and (3)(b).
High-level statistics on relative non-agricultural, non-military manpower track with high-level war production statistics.
Manpower is the ultimate production bottleneck (womanpower included in manpower); everything else is downstream of manpower with few exceptions (oil, certain rare metals being obvious ones - basically if you don't have geographical access to something you can't get it regardless of manpower).
In most early-20th Century societies, food production occupied a huge portion of the labor force by our standards. Most of the world's population was farmers. Even in relatively-advanced Western/Central Europe, rural populations occupied nearly a third of the labor force. In Eastern Europe agriculture remained a majority occupation.
For countries in a total land-war the next biggest labor group was the active military, specifically the army. Britain and the U.S. were exceptions to this.
War production and civilian subsistence comes from the labor force remaining after subtracting agriculture and military shares of the workforce.
To put some numbers on it, a comparison of German and W.Allied manpower deployment in late-'43:

Sources:
For Germany my main source is Adam Tooze's Statistics and the German State, 1900-1945 (see table on page 277).
For US my main source is the U.S. census. https://www2.census.gov/library/publica ... 45-chD.pdf
For UK/Dominions I've approximated by Western labor force participation rates and Tooze's comparative agricultural stats.
For all active military personnel and casualties I've used general reading/knowledge - feel free to quibble on the details but IMO they're ballpark correct.
Greater Germany is 1943 boundaries plus the Czech Protectorate. Population estimated by adding Warthegau, Prussia, Silesia, Czechia, Alsace-Lorraine to Germany+Austria populations.
1944 populations projected from 1938 by assuming 6% growth where stats not on hand.
"NAM" in column Q is "non-agricultural/military." "NAM% -> war goods" means the percentage of workers producing for the military. For this figure I used figures for war mobilization as a % of GDP. (These figures vary somewhat between different reputed sources).
The table gives the W.Allies a ~3.8:1 advantage over Germany in total NAM manpower. The ratio NAM war-workers is ~3:1 (Germany was more heavily mobilized). This ratio is in the ballpark of the relative war expenditures of each nation. https://warwick.ac.uk/fac/soc/economics ... tprint.pdf
As the W.Allied advantage in total populations was only ~2.4 : 1, one can see the effect of three fundamental dynamics:
1. As a proportion of their populations, the W.Allies in 1943/44 had fewer military personnel (including permanent casualties) than Germany: ~8.6% and ~14% for Germany.
2. Germany's unfavorable NAM position was somewhat ameliorated by its ability to "recruit" foreign labor on a large scale - something that was a rounding error for the W.Allies (mostly Mexican Braceros).
3. W.Allied agriculture was far more efficient than Germany's (See Tooze's Wages of Destruction for a good discussion). An extra ~15% of Germany's labor force was devoted agriculture compared to W.Allies.
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A brief note on productivity: There were certainly disparities within the field of NAM workers. German mining, for example, was less productive pre-war and remained so throughout it. It's a disputed field, however, and for the ease of this post I'm setting it aside. At the highest level, Germany appears not to have performed too inefficiently (in 1944) given their relative NAM labor endowment. The proportion of German production attributable to net imports (more on that below) somewhat reduces that favorable appraisal.
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Thus far my analysis comports with the mainstream view that W.Allied resources so far outstripped Germany's that her defeat was over-determined. With nearly 4x Germany's NAM labor, it was only a matter of time before the W.Allies buried the Reich by weight of ordnance.
So how might I swerve to a minority view that Germany stands a chance? Well the NAM resource balance would vastly different post-SU:
First, the three NAM labor dynamics described above shift dramatically in Germany's favor if it defeats the SU (by the end of '42 or so).
Second, Germany's net imports of war production - her ability to extract resources from occupied Europe - would also have markedly increased post-SU.
Third, don't forget Japan.
Let's analyze the first reason first.
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Reason #1: Germany's non-agricultural/military ("NAM") labor force if it defeats the SU
Here's one version of the manpower/NAM picture in 1944 if Germany has defeated the SU:

As you can see, Germany's NAM workforce is ~equal to America's in this version, while the overall W.Allies:Germany NAM ratio has declined from 3.8:1 to 1.37:1. Hopefully one can see that Germany's European allies/exploitees, plus Japan, could feasibly close this resource gap - but that gets ahead of things. First I have to explain why the above NAM ratio is a reasonable appraisal of the strategic picture.
Before doing so, one note on the territorial/strategic picture: If the SU falls in '42 then Spain either joins the Axis or is conquered in '43. The Med is therefore inaccessible to W.Allied merchant shipping via Gibraltar; shipping would constrain W.Allied moves via Suez (if W.Allies hold it) to relatively small forces.
I'll take each of my three NAM workforce dynamics separately:
Germany's far better position on relative portion of active military personnel, post-SU.
Obviously a victory of an Eastern Front in 1942 would allow Germany to demobilize much of its army and would mean far fewer casualties in the East. In this model I've given Germany 5mil active military personnel - slightly less than in 1939 - and postulated 600k permanent casualties. The reasons for the latter are, again, in my detailed Eastern Front ATL's. (short version: <75% of OTL 41-42 Ostheer deaths of 820k)
The smallish size of the German army would relate to the "distance" factor negatively impacting the U.S.: Germany would be defending beaches and/or conducting campaigns in places like the Middle East where the W.Allies don't have the shipping capacity to deploy and supply large armies. The German strategic posture would be to post only enough forces in Western Europe to contain and bloody a W.Allied landing, after which she would mobilize divisions from a cadre base. These forces could be assembled on a WW1-ish mobilization timeline, flooding France with millions of German soldiers within a month or so of a landing (their material would be posted forward - sufficiently inland to avoid capture in a landing but sufficiently close to enable final deployment marches measured in days).
The second spreadsheet specifies the U.S. raising another 100 army divisions at 50,000 divisional slice, raising total military personnel to 16.4mil. I haven't changed British military personnel. Had the U.S. maintained its "90-division gamble" after the SU's fall, the W.Allies probably wouldn't have been able to defend anywhere. The mere hint of Sealion's revival - whether real or not - would have compelled retaining larger ground forces in England.
This is the flipside of American distance from the battlefields: Germany could shift forces along interior lines; any Wallied response would be measured in months. The W.Allies would have to maintain in or near each potential/actual land theater forces sufficient to contain a sudden shift of German divisions.
In truth I believe the W.Allies would need an additional 300 or so divisions to win a conventional war but for this version of the strategic analysis I assume only 100 additional.
Increased German employment of foreign labor
OTL the Germans peaked at ~7.6mil foreign workers around August 1944. For this figure and other analysis/figures discussed below, see another post (viewtopic.php?f=11&t=243557&start=45#p2216965) and the cites therein.
The OTL peak is far below what Germany could have employed, had it defeated the SU.
First, Germany under-emphasized foreign labor early in the war - especially during the critical pre-Barbarossa army production drive. Fritz Sauckel's appointment as Labor Plenipotentiary increased recruitment from mid-1942. By the time Germany was seeing its greatest recruitment results, however, the war had turned clearly against her and she had lost many of the territories from which laborers would have been recruited.
After the SU's fall, however, Germany has a much bigger population from which to recruit and would face less resistance to such recruitment (OTL resistance increased as Germany's fortunes fell, especially after Stalingrad).
The second spreadsheet specifies 16mil foreign workers. I arrived at this figure basically by doubling OTL foreigners. It's conservative IMO.
Germany's share of agricultural workers
The second spreadsheet doesn't reduce Germany's absolute number of agricultural workers. As the number of people residing in Germany would increase, however, the share has decreased. There are several reasons this would happen: German net food imports would increase. The SU would obviously yield more food than the 0 it supplied in 1944. The return of German chemical plant to fertilizer production from explosives would increase yields across Europe. Germany would be able to supply fuel for agriculture after taking Russian/Middle Eastern resources.
Reason #2. The (at least partial) revival of occupied economies after Germany defeats the SU; increased contributions to Wehrmacht
I'm not going to do a full post on this topic tonight. Just note that retaining all of Italy would increase Axis output. As would demobilizing Romanian/Hungarian armies. As would Germany and its allies having the free resources to quell Yugoslavian partisan warfare (and geographically close the aid pipelines on which partisans relied). And of course the occupied SU.
Reason #3. Don't forget about Japan.
Also forthcoming. A few notes:
1. With SU gone, Kwantung Army is free from '43, meaning a much-stronger Ichi-Go a year earlier, the marginalization/defeat of Nationalist China, increased threat to India.
2. German ability to support Japan becomes feasible.
3. With Japan deep into China, the Manchurian industrial base is safe from B-29's. OTL Japan planned moving much of its production to this area to relieve bombing/shipping vulnerability but American bombers from China ended this plan.
In a conventional war, the earliest Japan gets knocked out is 1946. That means no full focus on Germany until 1947.