The US Recession
The main reason why the US economy is in such a bad state today is the war in Iraq. If the government had not wasted billions of dollars starting a war over the non existent weapons of mass destruction, the economy would be in a much better condition.
Oil prices would also be lower as the Iraq’s oil infrastructure would not be damaged during the war. Iraq was a major oil producer before the war. Though officially , Iraq has its own government, it is likely to collapse the moment the US troops are withdrawn.