Background: I am a first year PhD student in Math and I am failing my classes miserably. I believe that I am a hard worker, passionate about math and I am definitely committed to the program. However, I have also came to the realization that having these qualities does not necessarily grant you success. I was given a warning the first semester and was put on probation for the second semester. I was told that if I did well in the second semester, the probation would be lifted and nothing bad would happen. On the other hand, if I still couldn't get my grades up, the committee will potentially consider to recommend me to withdraw from the program. I did all I could have done, but I still did not do well in my coursework. I would not be surprised that this is my last semester in the program and will be asked to withdraw sometime soon.
A little bit about myself: I was a double major in Mathematics and Economics back when I was an undergraduate and did relatively well in both fields (Near perfect GPA). I have done a certain amount of research in both disciplines. I have even applied and got accepted to PhD programs for both of them. I eventually chose Math because while I am passionate about both of the fields, doing math felt more rewarding to me than doing Econ as math was more challenging to me (It still feels the same way even after failing my classes). In retrospect, this might not have been the best course of action, but I chose what I chose and I don't regret the decision as I have given it my best try.
The apparent question now is: What next? Is it even possible to get a decent job with a disastrous transcript and a record of failing from the PhD program due to coursework failure? I have a good undergraduate record, perhaps that will help with the case? Moreover, if I failed out of my program in math, is it still possible to apply to a PhD in Economics? I am not sure if I could ask for a good recommendation letter from my Professors in graduate school as I failed their classes. I am also not sure if it is good to ask my Econ Professors from my undergrad to write me the letters again, since they know that I went for Math than Econ the last time around. I am very lost right now and don't know what to do. It might sounds over-dramatic, but I feel like I am a failure right now and don't see a way of remedying my situation. Any advice would be appreciated.