Fulminating about America in decline is fashionable today across the political spectrum. Contemporary political commentators are seemingly rewarded for drawing the broadest possible conclusions from an ever-narrower range of data. Whatever the reason for the commentators' grandiose predictions of decline, their conclusions du jour, they are describing what can and should be understood simply as a unique civilization's momentary indigestion.

The international left and its U.S. acolytes welcome decline as long-overdue payback for our past sins, while many American conservatives see it as the inevitable consequence of decades of bad policy decisions. Both are wrong. There is no decline that can't be reversed by electing a real president in 2012 to unleash our country's vibrant political and economic strengths.

I acknowledge that, as they say, "mistakes were made," including under prior presidents, but the mistakes are not ultimately consequential if we can just get a grip on ourselves. Moreover, by comparing ourselves to the mistaken or exaggerated views of other nations' current performance and prospects, we simply increase a perception of decline that doesn't exist in fact.

Take the economy. Obviously, 2008 was a bad year, but the governmental policy mistakes that led to the recession (such as Fannie and Freddie) can be reversed, and so can the political mistakes that followed it (such as the Dodd-Frank financial regulation bill). Pointing to the continuing strength of China's economy and straight-lining it forever may suggest U.S. decline, but China's economy will not grow at its present rate forever. Internal political and social strains are already taking their toll, and we will find out relatively soon just how real China's economic statistics actually are, and how much is derived from imaginary government planning figures, a common problem of Communist regimes. And anyone who thinks Europe is prospering needs to respond honestly to the question of which country's government bonds they are really prepared to buy.

Similarly, regarding international geopolitics, observers cite Obama's indecisiveness, his deference to multilateral institutions and foreign governments, his incessant embarrassment about America, and his general lack of interest in national security. All too true, but hardly evidence of decline that an unapologetic U.S. president couldn't fix after 2012.

Americans still hold their fate in their hands, and there is no real reason to bet against us. We will once again confirm Churchill's observation that "you can always count on the Americans to do the right thing�after they've tried everything else."

John Bolton is a senior fellow at AEI