Yes, every other industrialized nation in the world has the same problems we have: an aging population, a declining workforce participation rate, a declining birth rate, and costs of social welfare programs growing 3 times faster than our economies, and more debt than they've ever had before.

The Fed as masked the cost of our debt with artificially low interest rates.  If the interest cost of servicing the debt were at the same rate today as it was in 2000 (6.34%, which seemed low at the time), our deficit would be $1.2 Trillion larger than it is.  Knowing those low rates have distorted markets, creating bubbles in stocks, bonds, and housing, the Fed is in the process of normalizing rates, which will increase the deficits, and probably crash all three bubbles.

When that happens, expect a world wide Depression and a likely collapse of the world economic system that will make 2008 look like a walk in the park.  Entire countries are defaulting, and we've got states and cities close.