There's still a long way to go for the global deleveraging to finish, and all the actions from the Governments and their Central Banks is doing is slowing down the process which means more pain for longer period of time.
Here's a nice McKinsey chart showing this:
Interestingly, Spain is the worst shape.
Unfortunately, this chart doesn't take into account the government leverage, which in the case of the US has risen massively. So even though the US seems in better position, it's only a mirage, as their government will need to tax the private sector to pay back the debt its been accumulating in bailouts and other handouts.