I'll second thatbritguy's comment. Though there's no question that US innovation has added much to today's existence, so have other regions, just as significantly.  Hell, even MP3 comes from Deutschland.

The framing around the discussion is not accurate, however.  US institutions themselves are in serious decline, as is the infrastructure.  Japan and Europe have far more advanced phone and mobile networks, and the regional grids are not decrepit. Rail innovation, so crucial to the next generation, is also far more developed.

The US democracy is so broken as to be a joke.  Voter fraud is the most sophisticated in the world, and has a history going back two centuries.  The influence of capital in the game has reached absurd levels.  The Fourth Estate has become the world's most sophisticated propaganda network.

Where other regions really shine is in current technological innovation.  The kind of innovation which matters to the next generation's survival.  Renewable technologies, for example, are a complete product of European innovation; now even including the commercial aspects globally.  Compare that to Detroit.  Even GE's US market leading wind turbine is German, and the leading German machine in the US, Siemens, is Danish.  The rest come from Japan, Spain, India and other European entries.  Even the most capitalized US startup uses technology from the Swedish wind program.

Same with solar.

I have direct personal experience with how US courts denied obvious prior art in European technology, while the US company that "won" was bankrupt within two years.  The technology is still withheld from the US, and it is the premier technology in my field.  Justice is available to corporations and the rich, and that's it.

There's no question there's still much innovation to come from amurka, but not likely until the beast is battered and the nation is digging out from its own financial meltdown.

Amurka is a dinosaur, but it still drives the world's condition, today mostly negatively.  

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin