What's wrong with America is our idea of being strictly consumerism. We are now not the ones who produce anything, really. We are the ones who only consume.
The flaw in this, is that in order to make money, you have to produce then sell. We do not do that. We use to, but now almost all of our things are produced in china and other places.
We have a TEMPORARY solution, by borrowing money, but once we can no longer borrow, what are we to do?
I think the only way to do it is to make the labor prices lower, so we can compete with China. Although this does not sound like a good idea, it is the only way to fix this problem. If being powerful is not a concern to the United States anymore, we can keep on doing what we are doing.