In a recent interview with Fox Business, Danielle DiMartino Booth, chief strategist of QI Research, expressed concerns about the state of the US economy. Booth, who has been forecasting a recession for months, believes that the country is already in a downturn. Despite a positive outlook from Wall Street for a soft landing, evidence of a weakening job market raises alarms.

Booth pointed to recent downward revisions in monthly job-growth figures as proof of the economic slowdown. Although the job market remains strong historically, with 303,000 jobs added in March and a record-low unemployment rate, new payrolls for February were revised downwards to 270,000. Furthermore, layoffs and unemployment have been trending upwards, with 1.7 million discharges reported in February, according to the Bureau of Labor Statistics.

"These revisions keep pushing us further from where we thought we were," noted Booth. She expressed concerns about the increasing number of companies laying off employees as they report their earnings. Booth previously predicted that layoffs could rise from 150,000 to 370,000 by the end of the year, painting a worrisome picture for the labor market.

Booth is not alone in her grim outlook. Other economists, including David Rosenberg, a top economist, also foresee a weaker labor market, raising the risk of a recession. Rosenberg recently warned that the economy could experience a hard landing by the end of the year, resulting in a surge in the unemployment rate to 5%.

Adding to the economic concerns, Booth highlighted the mounting US government debt levels, drawing a parallel to China's economy. She noted that the US government's increasing debt is making the country resemble China, where state-owned enterprises once accounted for approximately 60% of GDP.

"It is not different in any way, shape, or form," Booth emphasized, highlighting the similarities between the two economies. She expressed the need for reduced government spending to allow the private sector to drive the economy.

According to Treasury Department data, the federal debt balance is at a record high of $34.5 trillion. Experts warn that the ballooning debt levels could lead to problems such as higher inflation, increased market volatility, and a lower quality of life for Americans.

As the US economy faces mounting challenges, economists like Booth are adamant about the need for action to avoid further decline. Whether the nation can navigate its way out of this precarious situation remains to be seen, but the concerns expressed by these experts emphasize the urgency of addressing the economic issues at hand.