Nomadic,
You're correct regarding the reckless expenditure, any way you slice it, there will always be a reckoning of some kind. The problem is that Bush and Obama have been invoking Keynesian policies to "stimulate" the economy, when the government had already been going with steady deficits since Reagan (except for of the Clinton years). Of course, no politician can "do nothing" about a situation like this -- that would be very un-American

. So instead of paying off the debt, it's full speed ahead towards the wall.
As for the mess in Afghanistan and Iraq, instead of raising taxes to pay for the war in Iraq (this is the way America paid for all of it's wars save Vietnam, before the super genius Bush), they put it all on credit. Even without these massive stimulus bills, their children were already paying off an even more massive bill for the war in Iraq. The stimulus money is pittance compared to what the costs of the Iraq war is going to be for the future generations who need to pay for it, which is what makes complaining about that now when the majority of them sat around doing nothing while Bush put the Iraq war on credit hilarious.
A war of choice put the US is a terrible position. The US's economy is dynamic enough to remain a superpower even if the fiscal situation becomes even bleaker, but it was idiotic, nevertheless.
As long as they take the appropriate steps the US's status is salvageable.