The worst is not over. I don't recall hearing on the media that the IMF has such a pessimistic view of the US economy.
What I am saying is that the government's actions to date have not fixed the underlying problems or helped stabilize the economy. The government has been doing all of the wrong things and made the situation worse by, among other things:
(1) Throwing trillions of dollars at the "too big to fails", instead of admitting that many of them are insolvent
(2) Undermining trust of nations all over the world in the American economy
(3) Failing to restore Glass-Steagall, reign in credit default swaps, or do anything else necessary to stabilize the financial system
(4) Attempting to restart high levels of leverage and securitization
(5) Failing to take real measures to decrease employment and increase manufacturing
(6) Creating an enormous debt overhang and trashing our currency
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