I just read this very interesting article in Newsweek -  I highly recommend it.  This article says that it is not that America is declining, but that the other countries are rising.  "America still has the edge as the most open, flexible society in the world, able to absorb other people, cultures, ideas, goods, and services.  The country thrives on the hunger and energy of poor immigrants.  Foreign students and immigrants account for almost 50% of all science researchers in the USA.  In 2006 they received 40% of all PhDs.  By 2010, 75% of all science PhDs in this country will be awarded to foreign students.  When these graduates settle in the country, they create economic opportunities.  Half of all Silicon Valley start-ups have one founder who is an immigrant or first generation American.  The potential for a new burst of American productivity depends not on our educational system or R&D spending, but on our immigration policies.  If these people are allowed and encouraged to stay, then innovation will happen here.  If they leave, they'll take it with them." 

As I agree with most of what is being said in the article.  This article is not giving enough credit to American's own potential by diminishing the importance of having a strong Education System. I agree that the immigration policy is very important to attract and bring the best the world has to offer.  However, it is equally important to have one of the best education systems in the world to develop both Americans and Immigrants, and to ensure this country continues to be the leader in new ideas, opportunities, technology and so forth.