Drawn-out wars, economic struggles, exploding debt — it's easy to point to these signs and conclude that America is in an irreversible decline; that after a good run, it's time to hand the superpower baton to China or some other up-and-comer.

Certainly, the United States faces big challenges and that, economically, it was better off a decade ago. But those seeing decline as inevitable do not just ignore the nation's history of resilience, they also misread the facts on the ground. America's decline is a myth — and here are five common misconceptions worth dispelling:

1. The U.S. is no longer a superpower.