"Americans are now starting to wake up to these facts and actively do something about it, however, it's all come a little too late."
You obviously don't know much about American history. We've been through dozens of economic recessions, including a major depression when at one point, the country was basically a third world country, but we came out of that and all the other recessions, and we'll come out of this one as well. Perhaps it's YOU that seems to think America's economy is / was virtually invincible (of course, you most likely viewed that in a negative way, unlike the way you're implying about Americans). Of course the economy is not invincible, there will be many low points in the course of America's history, this is just one of them.
It is true that China is becoming more powerful, but I honestly don't care, why should I be afraid of that? China isn't a third world country anymore ... good for them, but just because they're becoming more powerful and more advanced, it doesn't mean that the US is just going to completely loose all influence and power. If China and the US can work together, it will benefit both countries.
What I think, is that YOU are hoping that the US will lose all its power and becoming an insignificant crap country. You can hope for that if you want, but people have hoped for that since day one of the USA. Americans generally do not care what people in other countries think of us. If we did, then this country would have been an insignificant failure a long time ago.
It is true that one day another country will be the most powerful nation and the US will not, but it doesn't mean the US will just collapse into dust. Britain used to own half the world with the most powerful navy in the world, and they lost their status as most powerful a long time ago, but they're still doing fine. I think the US will be better when it's not a super power, because our government will focus more on our own countries issues, and not what's going on all over the globe.
One recession and one bad president (we've had many other bad presidents, not just Bush) does not = total failure.