Economist Richard Duncan: Civilization May Not Survive ‘Death Spiral’

Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC.

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.

So the questions remain: Is the threat of collapse for real? And if so, when?…

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