If you think the US is bad, it's far worse in many countries in Europe.

At least in the USA, they more or less tell the truth about their debts and budget, whereas in Europe, they have been lying for years.
Almost all of the European countries have run huge deficit budgets since WW2, and a lot of this money has just been given away to people.
They hand out money like water for health, pensions, paying farmers NOT to grow things - it's really amazing.
As soon as one of their countries go down, watch the rest of them tumble like a deck of cards.

Take my father for example.
Just after WW2, he was working in Belgium for about 3 years.
About 10 years ago, he saw something in the paper saying that Australia and Belgium has signed a deal regarding pensions, and that if anyone here had worked in Belgium and had papers to prove they paid tax there, they could now claim a pension.
So, my father being my father, kept all his paperwork and went in to see the Belgium consulate, presented his papers, and has been receiving a pension of 100 Euro a month ever since.
He reckons he got a good deal, as he only ever paid out a few hundred dollars in tax when he worked there.