In the United States, outstanding public debt has ballooned to more than 60 percent of total output since the financial crisis, and, with a record $1.

NewsDaily: U.S. and Japan told time running out to deal with debt: ..... a record $1.5 trillion budget deficit expected this year, is set to grow further.

Japan is in an even worse position. Its debt has been growing for years as it tried to revive the economy from a huge asset bubble burst in the 1990s and outstanding long-term government debt now stands at around 180 percent of GDP."