This article by Jeff Nielson provides a pessimistic but also unflinchingly honest look at the U.S. economy and its problems. Here are a few excerpts of his summary statements, generated from his analysis of housing and economic data:
"As I have regularly detailed in recent commentaries, any “big picture” view of the U.S. economy shows that it is not only once again “crashing” - but crashing from what was already the lowest level of economic performance in history. This is not another “Great Depression”, but a “Greater Depression” - which will obliterate the U.S. economy unless its so-called leaders stop focusing all their energies on trying to hide its problems, and use those energies to try to halt this precipitous collapse..."
"The U.S. economy has been totally hollowed-out by decades of plundering by the ultra-wealthy: somewhere in the vicinity of $15 trillion. I guarantee that if the U.S. government were to tax-back that $15 trillion (held by only 1% of the population) that all of the consequences of such a policy would be overwhelmingly positive..."
I disagree with Nielson's comments about the deficit (I don't think the U.S. faces default or bankruptcy) but almost always agree with his interpretation of data