America’s deficit and long-term debt is certainly a problem that needs to be addressed. It is, of course, a matter of great concern for America’s long-term financial security. But there is a lot of shameful joy in Europe about America’s hard economic recession. While in Europe, I heard a many Europeans talk about the American recession as if the country had sunk to Third World status. The envious British and French press never misses an opportunity to exaggerate America’s ills. They make it seem as if the United States has lost its economic muster. Once BBC correspondent once stated on air that all gentrification in America has ceased. Just nonsense. Britain is faring worse and American business remains the world leader by far.

But this United States’ debt problem is not a big problem in comparison to other countries, and the French should worry more about their long-term financial stability and less about America’s.

[The Economist]

Japan is facing a public debt that dwarfs America’s and Japan also has a shrinking population, unlike the United States with its growing populace, meaning less tax payers to finance the debt.

And France has a business structure burdened by excessive regulation. The United States may have a troubled private sector now, but as a recent Economist survey opined the United States is still the best country to do business in and American industry will bounce back stronger than ever.

It is easy to pick on the United States, but the nation still stands above all as an economic, job creating, innovative, entrepreneurial leader. This though should not create complacency in Americans. The deficit and debt are still big problems that need to be taken care of lest America’s liabilities start to look like some other countries.