Key question. Where is "elsewhere?" The US economy is the best bet in the world, which is why we can have so much debt at so low interest. Yes, we've been spending like slightly inebriated sailors, but it turns out the Europeans and the Japanese have been spending like drunken sailors and have far less in the way of GDP growth to show for it. You could go to China or India in search of growth, but if you are looking for monetary stability, forget about it. You have to come right back here. Which is why we have no trouble auctioning off government debt by the trillions to foreign investors.
If you would prefer that your country's investments were less attractive to foreign capital, you could always move to Europe or Canada. The world is betting AGAINST them. I don't see any great advantage, given their double-digit unemployment and 50% GDP in government spending.
The prudent thing now is what it has always been. Diversify. Don't own cash, except what you need for your short-term needs. Own some bonds, some stock, some real estate, some gold, some investment-grade antiques. And avoid debt for anything except the acquisition of appreciating assets with positive cash flows. Then sleep well as the alarmists keep publishing the same tired charts they've been publishing for decades.
Remember, up until now every optimist in history has been right. Now place your bets.
Well possibly if your time frames are long enough. But in normal-human years someone following your diversify strategy in 1928 might have gone from rich to poor as the stock and bond values dropped through the floor, anitques devalued as money dried up. At least their gold was good, until FDR siezed by executve order! Pessimists who thought Hitler was going to destroy Germany and acted accordingly (left country) did far better than those who were 'optimistic' when bad things started happening. History offers plenty of examples.