While Rome was still ascendant in 58 BC, that was hardly the early days. I forget the year of the founding, but Rome was about 700 years old at the time to which you refer.
I think Mr. Madison's point, however, was that we were repeating Roman folly, and picked the bread and circuses as simply an example. One could list many others, including the increasing dependence on outsiders for things we used to do for ourselves, and a decreasing sense of our own unique identity. Rome died when the Romans--the original Romans--became almost an insignificant minority in their own land; at a time, moreover, when their sense of personal responsibility for its future had been in decline for a long time.
America is being destroyed by those who have promoted a loss of personal responsibility among our rooted population. All of our fundamental institutions were premised upon a population with a strong understanding and belief in their personal, individual, responsibilities for their own future, etc.. Most people at this venue understand the importace, but how many of their neighbors still do?
Anyway, "bread and circuses" are from the very beginning of the Roman Empire, not the end. So, as I say, cheer up! The situation is often disasterous, but not serious.