USA is in enormous debt because the world subsidises its consumption.
Duh. Of course. But that is not going to stop. Trade "debt" is not like personal credit card debt. There is no reason that it EVER has to be paid back. As long as we control the world's reserve currency, we can continue to issue checks that will never be cashed. Besides, it is not "collective debt". If I buy a German made BMW, that adds to our trade deficit, but paying it back is MY problem, not yours.
Trade deficits are a sign of strength, not weakness. It means foreigners want to invest in dollar denominated assets (such as American stocks and bonds) and are willing to reduce their own consumption and subsidize ours in order to make that happen.
Japan has run trade surpluses for more than 50 years. What has it got them? My chicken coop is bigger than the average Japanese home. The yen went from ~400 to the dollar to 90 today, which means 80% of the "savings" that they sweated for decades to achieve simply disappeared, and their economy is stagnant. Do you really think America should be more like Japan?
Reserve currency does not prevent the need to pay for consumption