The low interest rates of the recent years and the resulting high borrowing was a deliberate government move to fund the wars in Iraq and Afghanistan.

The one thing about the west, their number one priority is securing their economies so in a swings and roundabouts boom and bust cycle, as long as you're willing to sit it out, even if it means declaring a false war against some other regime, their economy will always return to flourish after a down spell.

Which I guess is fine as long as it's not your homeland they occupy next....even more so if you consider your homeland as here