Predictions about the death of American hegemony may have been greatly exaggerated

As Michael Beckley points out in a new article in International Security, "The United States is not in decline; in fact, it is now wealthier, more innovative, and more militarily powerful compared to China than it was in 1991."  The whole article is worth a read, and a good cautionary tale on the dangers of overestimating the ease of national catch-up:

The widespread misperception that China is catching up to the United States stems from a number of analytical flaws, the most common of which is the tendency to draw conclusions about the U.S.-China power balance from data that compare China only to its former self. For example, many studies note that the growth rates of China’s per capita income, value added in hightechnology industries, and military spending exceed those of the United States and then conclude that China is catching up. This focus on growth rates, however, obscures China’s decline relative to the United States in all of these categories. China’s growth rates are high because its starting point was low. China is rising, but it is not catching up.

What about the future?  One could point to the last few months of modestly encouraging economic data, but that's ephemeral.  Rather, there are three macrotrends that are worth observing now before (I suspect) they come up in the State of the Union: 

via drezner.foreignpolicy.com