There have been no signs of deterioration in U.S. power over the past decade, measured either militarily, economically, or in terms of "soft power"; this is true both in absolute terms and in comparison with other countries.
Granted, there has been a reduction in troop strength due to the realignment of U.S. forces, but America's military presence is as dominant as ever. And while it continues to be plagued by precarious twin deficits in trade and the fiscal budget, the U.S. economy as a whole does not appear to be languishing, thanks to unrivaled industrial competitiveness and the ability to draw investments from abroad and to make investments in foreign markets.
The problem, rather, lies in the effectiveness with which the country is exercising its potent economic, military and political resources. At the same time, questions have arisen regarding the legitimacy and credibility of America's global leadership.