I think some people mix up GDP and GNP. With most nations they are similar, but the United States wields so much economic power around the world that its GNP is far higher. (ie. American sneaker factories in China, American oil companies in Saudi, American shareholders of Bayer or Toyota)
That said, the debt and deficit are out of control. Canada has done an admirable job at eliminating federal deficit and reducing debt, but a new 7% federal sales tax would not go down well in the U.S. Also, provincial debt is not counted and all of the provinces (other than Alberta) carry significant debt loads. Most American states are not legally allowed to spend in deficit.
Wars are expensive. Pointless wars are, well, pointless. Tax cuts during wars are unheard of (until now of course). Infrastructure is crumbling but everyone seems to have the money for $3.50/gallon gasoline and a flat screen t.v. My point is, there are priority problems not fundamental economic problems (yet). Comparing Canada's or Italy's economies to that of the United States is kinda silly. Totally different scale and scope. In addition, if the American economy fails, so goes many others.
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“The whole difference between construction and creation is exactly this: that a thing constructed can only be loved after it is constructed; but a thing created is loved before it exists.” -Charles Dickens
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