China has reserves of 1 trillion dollars, and has a massive trade surplus. The EU isn't a state in any sense of the word (except in that Somalia is a unified state). Different countries have widely differing debt levels.

Clinton did benefit from an upsurge in the economy. Bush has managed to start two wars which aren't cheap, start up several new plans for defence against a Soviet Russia which again isn't cheap, and finally decided that the Rich and companies pay too much tax.

the economy was due to contract, but Bush has managed to do little to help the country weather this, whist at the same time instigating measures to ignore and exacerbate the problem.