It's a truism that American presidential elections are rarely decided by foreign policy. But domestic politics often circumscribes the range of U.S. foreign policy, usually due to competing interests, but at times due to misperceptions. The impact of trade on the U.S. economy has become an easy, and at times unfair, campaign target. The need for immigration reform is perhaps surpassed only by the complex and overlapping political fault lines blocking it. And fear of American decline could do more damage to America's future standing in the world than the global shifts in power actually taking place.