Former U.S. Treasury Secretary, Lawrence Summers, says the United States is “collapsing”.  Summers has written an opinion piece for Newsweek magazine.

He basically says none of the proposed job/stimulus plans offered by the President, or Congress, are enough to save the U.S. because they are short term: “For years we will have an economy with plenty of slack, low borrowing costs, and high unemployment. The specter of a double dip will hover over us if government does not do its part in pushing the economy forward—not just this year, but for years to come.”

Lawrence Henry Summers served as the 71st U.S. Treasury Secretary from 1999 to 2001 under President Bill Clinton.  He also directed the U.S. National Economic Council for President Barack Obama until November 2010.