Well, apparently Christopher Friend has been thinking the same thing and he's out with a fine column on the subject at Newsmax. Here's part of what he has to say:
America’s leaders would be wise to take a history lesson from Britain’s more recent past to avoid becoming what England is — a nation in decline. A shadow of its former self, it is a country known more for pageantry and traditions than a meaningful place on the world stage.
The sun never set on the British Empire, and while that showcased a pioneering spirit, England became vastly overextended. The blood and treasure expended to maintain the Empire became too great, and the Crown’s holdings crumbled.
Forced to look inward, it did all the wrong things. England’s leaders bought into quasi-socialism to give them a sense of security, but their national prestige evaporated after massive taxation and runaway spending on social programs. This starved the military, killed entrepreneurship, and fostered an entitlement mentality.