Another recession expected to hit U.S. economy
The US economy is expected to go through another recession as the government debt skyrockets, exceeding 15 trillion dollars.
The immediate debt of the US federal government, the largest debt by far in the world, is estimated to have surpassed 15 trillion dollars as of the end of 2011.
Back in August, Standard and Poor's rating agency lowered the US long-term sovereign debt rating from AAA to AA+, citing the country's mounting deficits and the Republicans' resistance against raising taxes.
Experts think the US economy will dip into another recession in 2012 as the US Treasury report to congress forecast the government's debt will rise to 19.6 trillion dollars by 2015.
Meanwhile, the US unemployment rate remains above 9 percent, however, many economists believe that the true unemployment rate is around 20 percent.
The "incredibly unequal top-down distribution of wealth" in the US has formed an elite group who controls most aspects of the country's affluence, according to analysts.
This has resulted in the Occupy protests that continue to rage across the country against the US's financial inequalities.
The Occupy Wall Street (OWS) movement first began on September 17 in the financial district of New York City to protest at a number of issues including the US financial crisis, rising poverty, soaring unemployment, and high bonuses for Wall Street executives.