We were in a similar situation in the late 70s. It all turned around in the 80s. There is hope.
Not so much.
National Debt 1970= $370,918,706,949.93 (GDP of $1,038,500,000,000.00) or .40 of GDP
National Debt 2007= $9,007,653,372,262.48 (GDP of $13,807,500,000,000.00) or .70 of GDP
You cannot expect this to continue and have a bright future or strong military.