All developed economies are in dire mess, when debts gets too high, the economy stops growing,an economy has to save and invest before it can grow which means sending has to be target at areas that increases output and employment and not increase debt. If The European union can cut interest rate to zero, it will make debt service cheap because austerity will fail if it relies solely on tax increases instead of cut in government expenditure.
America has to refine it's bidding and contracting process especially in the area of defense. A reduction in debt will be good for America's credit rating,It ill e en reduce what government takes out of the economy and improve small businesses