Well - I would not declare the US bankrupt
- remember the world oil trade is mostly in dollars, and while the european countries struggle with their economies, then the US have had a decent year with 1.5 million jobs created in 2004. EU is still lagging behind the US.
Bush will be relying on goverment spending control and economic growth, which again would mean more tax revenue to cut the deficit.
I do not agree with what Bush & Co. is doing - the "bake more cake - so we can all eat" looks good on paper, but in real life things move slow - ex. when creating jobs via investments, also technological changes are more frequent today, and consumer debt + price aware businesses will make the "price" more and more important... all factors which slows down job creation.