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Earlier this year, Bob Carr, Australia's foreign minister and a longtime friend of the United States, observed with Aussie clarity: "The United States is one budget deal away from restoring its global preeminence." He added a caution: "There are powers in the Asia-Pacific that are whispering that this time the United States will not get its act together, so others had best attend to them." Carr's insight -- that the connection between economics and security will determine America's future -- is sound and persuasive. Yet ever since the rise of "national security" as a concept at the start of the Cold War, economics has become the unappreciated subordinate of U.S. foreign policy. Today, the power of deficits, debt, and economic trend lines to shape security is staring the United States...