Janie ..Im not so sure those in the US will fare better than the rest of the world.. (the US $ is worth 30% less than two years ago)
and even less if compared to the beginning of the Bush administration..
Remember this is a president that has added more to the debt than all the past US presidents combined!

They always thought that (supposedly Reagan proved) that deficits dont matter.. But they do. Sure you can pass on the costs to the rest of the world - which is what a superpower does when its currency is the default currency of trade.. (so when the dollar drops in value - all those nations that keep foreign reserves for trade- suffer too.

After the downturn of the dotcom bubble, the one hope of the US economy was the consumption economy and the housing boom - which was encouraged by low interest rates.. and in turn fed a construction boom, has finally burst.