Article Image
IPFS News Link • Economy - Economics USA

Economists, Experts: US Is Bankrupt, Second Severe Recession Imminent


A number of economists, investors and financial experts have weighed in on the US debt crisis today, following Friday’s S&P downgrade, warning that economic meltdown is close.

Renowned Economist Nouriel Roubini, who predicted the 2008 crash and has been predicting a double dip recession for some time, noted in the Financial Times today that the recent media driven impression of a short term “recovery” was a “delusion that has been dashed.”

“Even before last week’s panic, the US and other advanced economies were odds-on for a second severe recession.” Roubini writes.

“America’s recent data have been lousy: there has been little job creation, weak growth and flat consumption and manufacturing production. Housing remains depressed. Consumer, business and investor confidence has been falling, and will now fall further.”

1 Comments in Response to

Comment by Anonymous
Entered on:

It says here there is no way the U.S. will be able to pay its debt. This has been said for the last fifty years, and it is always more said with conviction every time presidential election is in the air. Of course the U.S. can always pay any existing debt by borrowing more. The larger the debt is, the more that the wealth of the nation grows bigger and bigger! Why do you think this country is the wealthiest and the mightiest nation on the planet?

It also says here the United States is "bankrupt" … are you kidding me??? Maybe that will happen when the crow turns white!!!