The two major crises currently facing the United States are economic and climate change. The economic crisis is characterized by a combination of factors including income inequality, rising debt levels, and the impact of the COVID-19 pandemic. The climate crisis, on the other hand, is a result of human activities that have led to significant changes in the Earth's climate system, with profound implications for the environment, economy, and public health.

The economic crisis in the United States is multifaceted. Income inequality has been on the rise for several decades, with the top 1% of earners capturing a growing share of the nation's income. This has led to a widening gap between the rich and the poor, with implications for social stability and economic growth. According to the Economic Policy Institute, the top 1% of earners took home 22.8% of all income in 2020, up from 12.9% in 1979. Additionally, the COVID-19 pandemic has exacerbated these inequalities, with lower-income workers being more likely to lose their jobs and face reduced income.

The climate crisis is another significant challenge. The United States is one of the largest contributors to greenhouse gas emissions, which are the primary cause of global warming. According to the Intergovernmental Panel on Climate Change (IPCC), global warming is likely to exceed 1.5 degrees Celsius above pre-industrial levels if current trends continue. This would have severe consequences, including more frequent and intense extreme weather events, rising sea levels, and disruptions to agriculture and ecosystems.

The economic and climate crises are interconnected. For instance, the economic impact of climate change can lead to increased costs for businesses and consumers, such as higher insurance premiums and the cost of adapting to changing weather patterns. Conversely, addressing the climate crisis can create new economic opportunities, such as the growth of renewable energy industries and the development of green technologies.

Data from the National Bureau of Economic Research (NBER) indicates that the economic costs of climate change could be substantial. A 2018 study by the NBER estimated that climate change could reduce the U.S. economy by as much as 10% by the end of the century. This underscores the urgency of addressing both the economic and climate crises simultaneously.

In conclusion, the two major crises facing the United States are economic and climate change. These crises are deeply intertwined and require comprehensive, coordinated efforts to mitigate their impacts. Addressing these challenges will require policy changes, technological innovation, and a commitment to sustainable practices.