Yes, if only because neither of them are willing to spend money on the military any more than yours is.
No, the growth area is in south/east Asia when it comes to countries capable of having global effects. They as of yet are still little capable of operations away from their borders, but they're heading that way.
You know, I was just thinking the reason countries like N Korea, Pakistan, and Iran all look to get nukes is because of what they saw happen to Russia in the last 20 years. Its military really did turn into a shell of its former self that was capable only of self defense. Yet, it is still a word player that is ignored at a country's own peril because of its large nuclear arsenal. With nukes you can hold a country hostage without even having the ability to attack it directly with conventional weapons. The reason the US is attacked anyway is we've shown an unwillingness to use them after WWII, so it's only what our conventional forces can do that is taken into consideration.
After all, N Korea talks about nuking US forces that may attempt to fight it, but it makes no acknowledgement that we can nuke it back 10x over...because they know we really won't unless they're a LOT more powerful than they will be in any near future.