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A number of economists believe the U.S. debt burden, budget problems, recession and lack of growth will soon be the same as those now facing many EU nations. This would mean that America has begun to enter a period of economic stagnation that will last for years. No prediction could be further from the truth.
The difference between the U.S. and every country in Europe — and the EU as a whole — is that America has a much broader array of resources. These include natural resources, intellectual property created by research and development, an activist central bank and a single political system in which national officials are elected by a single set of voters. America is also at the end of a financial and economic crisis similar to the one the EU has only just now begun to enter.