The U.S. economy is on a downward spiral, but it can be saved if we make some serious changes to our economic and political institutions. Namely, the banking industry has an unhealthy hold over our economy and they engage in practices that are extremely detrimental to the health of the nation, as well as to individual Americans.The other major problem in the U.S. is the unequal distribution of wealth that is caused by exceedingly low tax rates for the rich and for corporations. Additionally, what some call "legalized bribery" (the Super Pacs created by corporate lobbyists that allow them to exceed the limits set on political donations) has our politicians increasingly at the mercy of their corporate donors.
The basic problem with the US economy is the lack of aggregate demand stemming from the vast wealth inequality benefiting the rich. At the end of the day a rich person can only buy so many pairs of pants. A fruitful economy depends on the majority of it having purchasing power, and until the rich make less and the rest make more that purchasing power will continue to stagnate.
People just need to stop being so greedy. I think that is the obvious answer, but the best answer none the less. It would be nice if we did not make the economic system so complicated either. The reason they do is also obvious. They like it complicated, so they can make max profits, and keep the economic gap between the rich and poor growing. We could save the US economy If we fix greed and close the income gap.
There is nothing wrong with the US economy. Every 10 or so years we experience a recession which is perfectly normal. We need to work on making recessions last for a lesser amount of time and limit the consequences of a recession, but the economy of the US is very healthy.
I think the U.S. economy can definitely be saved. I do not think there is anything a country as great the U.S.A. cannot do when the citizens believe in themselves. Saving the economy is going to depend on both the government and the citizens on taking responsibility and working together to fix the debt.