And it could result in a depression so severe that he doesn't "think our civilization could survive it."
And Duncan is not alone in warning that the U.S. economy may go into a "death spiral."
Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions... Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.
However, while the debt crisis numbers are well known to most Americans, the economy hasn't suffered a major correction for almost 4 years.
The cracks in our society are appearing more and more frequently.
Three large cities in California declared bankruptcy in the last two weeks alone.
The Washington Post reports that Congress won't have money for the U.S. transportation system within two years. Trenton, New Jersey laid off a third of its police force. Colorado Springs removed a third of its streetlights, trashcans, and bus routes.
The entire gambit is called "The Cloward-Piven Strategy"... and it's anything but a conspiracy theory.
Hat tip: Cold Fury.