Economist warns of urgent US 'debt detox': We're going to be in a recession before people know it

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Financial author and forecaster Harry Dent explains why he's predicting 'very strong, sudden tightening' of markets has yet to fully shock the economy.

A market expert is sounding the alarm on the country’s growing debt crisis, suggesting a «debt detox» in order to see the «the next great boom.»

«We’re going to have to finally have a short-term debt detox before we can get going on the next great boom,» Financial author and HS Dent founder Harry Dent explained during his appearance on «Cavuto: Coast to Coast» on Tuesday.

«Here's the number, Neil,» Dent said to host Neil Cavuto. «Nobody's totaling this up: Twenty-seven trillion [dollars] in debt and deficits from the government and money printing combined since the 2008 downturn to get us through that long ditch and spending.»

«And now the millennials are ready to spend money 2024 to '37, as I also predicted a long time,» he continued.

A MILLION SIMULATIONS SHOW US DEBT IS ON AN 'UNSUSTAINABLE' PATH

The economist argued that the U.S. has a «massive financial asset bubble that hasn’t deleveraged super-high debt levels,» which could lead to greater problems.

Dent blamed the overreaction to overstimulating over COVID as one of the many reasons for today’s current debt level — an effort, he said, «didn’t make sense.»

The national debt — which measures what the U.S. owes its creditors — increased to $34,608,412,560,642.47 as of Monday afternoon, according to the latest numbers published by the Treasury Department. That is up about $1.7 billion from the $34,600,643,492,585.10 figure reported the previous day.

Former CKE Restaurants CEO Andy Puzder explains the importance of addressing the U.S. debt and the impact of wages on restaurant affordability.

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