"Barack Obama on Wednesday warned the US economy could head into a “double-dip recession” unless urgent steps were taken to rein back America’s mounting levels of public debt."
Read : http://www.ft.com/cms/s/0/ee761ae2-d443-11de-990c-00144feabdc0.html.
The president of the USA does not make such a statement without good cause.
The economy of the USA is in one big structural mess indeed. And I am afraid the president knows he may be driving straight into a concrete wall and sees no way around or out of it.
The future looks grim indeed as the Chinese are well on their way to become the financial overlords of the good old US of A. Who would have believed that ten, twenty years ago ?