Consider the economic crisis triggered by the recession in the US in the first round and soon after the nation plunging into a debt crisis.  These are not short term crises.  These are results of long term lack of nation building and a fitting economic rebuke on a nation that gloats in its "Consumerism".  Anyone who has seen the way this country held its height of economic power till the 80's would export loads of sympathy looking at the current state of affairs. US did not grow as a nation after the end of the Baby boomers era.  Instead, the country became an "attractive market" for the world. 

Right from the days of the President James Carter in late 70's US economy has shown signs of inherent weaknesses.  He failed in fighting energy costs and the rising inflation at that point in time.    Ronald Reagan corrected the malaise by overhauling the income tax and Govt. expenditure but increased defence spending by 35% duing his two terms.  Again, he failed to do something to the economy to be self sustaining or growth oriented.  Followed by George Bush - Sr. US economy faltered again though he sought his glory from his invasion of Iraq.

It was Bill Clinton who tried a shot at Nation Building seeking legislation to upgrade education, protect jobs , increased home ownership and Health of children.  He broke decades of poor economic performance with a surplus budget.  George Bush Jr., a post graduate from Harvard cut taxes, created jobs and focussed on modern health care. But the country was moving towards its worst ever recession when Barack Obama took over from him. Over last six decades it was just sixteen years which was spent on some sort of Nation building by the past presidents of United States. 

In the late 70s Japan proved their manufacturing prowess adequately to the US.  In the 80's they challenged the  US in the automobile industry and Electronics.  The signals were clear even then.   late 80's and early 90's, in response to the Japanese, the US - big three auto manufacturers began arm wrenching their suppliers to reduce prices so that they can stay competitive.  But no major breakthrough. The US politicians were more mercenary in their outlook and believed that trade surplus is the key indicator of wealth generation. The joke that was doing the rounds was the trade between Japan and US -  When the US wanted Japan to buy their products, Japan bought garments and ties while they sold cars to the US.  The country not only had huge defence outlays but was also peddling large scale defence deals with friendly countries in which their economy thrived.    The country got into a culture of living in debt and the current crisis a debt knell.  

The US turned into an attractive consumer market and countries all over the world sold their products to the US and the "Consumerism" became something phenomenal that the world started drawing lessons  from such "Consumerism".  Debts took deep roots and consumerism thrived.  World over management institutes started taking out lessons from the success stories of US industry.  The rude jolt could not wait and the country walked into an economic quick sand.  Greed overtook need and banks bought debts from each other boasting of their might in the market.  The big bolt was delivered with the countries largest financial institutions folding up and throwing people out of jobs. 

Today the balance has tilted.  Yet, the country needs to be credited for its exemplary faith in Freedom and Democracy which are still the pride of the nation.  Creating wealth is not tantamount to trade surplus or fiscal surplus but instilling values and showing a sustainable long term direction to the country's next genration.  

The US was a dream destination to many of us during our early days in college.   Even now the Universities are attracting students from all over but the confidence of an economic power is shattered. If the US and the world has to learn their lessons, will it be from JAPAN...again...