America’s Tea Party has forced their government to justify how it spends other people’s money
The US is in the situation that we were in, post WW2, and how times change. The Chinese Central Bank this week told the Americans to spend less money on social programmes and more on fiscal responsibility to reduce its deficit - who would have predicted
that a few years ago?
In terms of debt in the conventional sense, if the US was one of the members of the European Union, in terms of ranking, it would be somewhere between Italy and Greece. The UK is seen as a safe haven right now, because we
have got to grips with spending (ok, we have a
policy to reduce public spending). There has to be a downside to that, and there is, but no one solution in its own right is the perfect outcome.