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VICE PRESIDENT JOE BIDEN complains that he is being driven crazy because so many people are betting on America’s demise. Reports of it are not just exaggerated; they are, he insists, ridiculous. Like President Obama, he will not accept “second place” for the United States. Despite the present crippling budget deficit and the crushing burden of projected debt, he denies that the country is destined to fulfill a “prophecy that we are going to be a great nation that has failed because we lost control of our economy and overextended.”

Mr. Biden was referring in particular to the influential book “The Rise and Fall of the Great Powers” by Paul Kennedy, a British historian who teaches at Yale. Published in 1988, the book argues that the ascendancy of states or empires...