The Tea Parties argue yes, but these two chaps from the Wall Street Journal argue no. It's less than 3 minutes long and is worth watching.
I would argue that a Japanese implosion will be the wakeup call for all of us and that will happen within the next few years. The reason that will wake us up is that Japan holds so much of our debt. They'll sell their bonds and add to the cataract of debt being issued by the Obama Administration. That will kill our bond market and freak out everyone.