The core problem for the West's debt is the way manufacturing has developed in the last 60 years.
Increasingly we have lost the economic powerhouses of Empires pouring in $millions every day. While manufacturing everything "industrial" in the West. Often from cut-price raw materials from the Empires.
In 1955, we never saw a Japanese, Korean or Chinese manufactured car, white goods, clothing, etc. Today we see so many. We buy so many goods we couldn't afford, if made in the West, we pay for it by borrowing money we haven't earned to buy goods we don't need.
How Much Would the iPad 2 Cost If It Were Made in the U.S.? About $1,140. Instead of $488.
It's not about Government spending or taxes. It's about whether we will pay more for goods to be made here by well-paid workers who buy from us. Or keep importing cheap goods made by people who can't afford to buy from us?
They promised us modern technology jobs to replace the labour intensive jobs we would lose to the East. All that appeared were jobs in Malls selling Third World goods. And now they're under threat as we buy direct from China via amazon.