Is Another recession comming due to us debit

Are we moving towards another recession? The global economic developments after Standard & Poor's (S&P) downgraded the U.S. credit rating point towards a global economic meltdown. Leading rating agency S&P for the first-time downgraded its long-term sovereign credit rating on the U.S. from 'AAA' to 'AA+' and kept a negative outlook. The debt ceiling could not prevent the S&P downgrading downgrading has worsened the word economy weakned by the debt ridden European economy and already stalled U.S. recovery.

The Bureau of Economic Analysis tells that total U.S. government spending has risen to 37 percent of GDP from 27 percent in 1960. Tax Foundation reports that between 1986 and 2009, the percentage of Americans who pay zero or negative federal income taxes has risen to 51% from 18.5%. All this is accompanied by increase in the US national debt to 100% of GDP today from 42% in 1980. The US deal that broke the impasse can, at best, be described as an interval in the debt-ceiling pantomime. It does not solve the government's fundamental problems - too large fiscal deficit (about $1,000bn, or 7.5 % of GDP, in 2012) and too generous entitlement (social welfare) programmes (relative to the national willingness to pay taxes).