The BBC News reports that the US economy is growing at a greater rate than expected and that the number of jobs created has averaged 241,000 a month this year. They say the USA economy powers the world. It all depends on whether or not an economy really can live on debt.
It seems to me that both the USA and the UK economies depend on debt to exist. This is not sustainable. Every nation has to live within its means or ultimately wither. When nations like China will no longer buy government IOUs (gilts) the game is up. The debt game cannot go on for ever. In reality, we all know this.
We no longer rule the world. We no longer have an Empire to exploit. We live in a new world order and the sooner we wake up to this the better for us all. Up to now, the UK has always paid those it owes money to on-time. There may come a time when it cannot or the pound will be devalued and people will no longer want to buy our debt.
See http://www.dmo.gov.uk/index.aspx?page=gilts/about_gilts .