Strong deficit spending in Brazil has pulled the country out of recession.
The U.S. is the only major industrial nation still mired in a contraction. As others deficit spend to the degree necessary to reverse their decline, America frets about the deficit and nearly 14 million workers remain unemployed.
The longer we let output collapse the greater the risk that we see our standard of living erode permanently relative to the rest of the world. It is already happening.
On the bright side (for some people, I guess), this will help "solve" the immigration problem. As jobs remain scarce, fewer immigrants will desire to come here and many who are here illegally will choose to return home or go someplace else.