You’re still in a position to recover. One of the columnists at townhall siggested that growing at less than the inflation rate for about a decade would put the US in a position of being deficit free.
Mind you, that’s getting the politicians to agree to spend at a rate that is less than inflation. That is where the challenge lies.
I suppose everyone is in a position to recover - given the right things happen. Even Greece.
As you mentioned, the pols will have to do the right things AND we have to be lucky.