Former President Donald Trump warned that the US economy faces “much bigger problems than a recession.” There will be a depression,” he noted, stressing that “we are going to have a depression.” If we don’t get this country going, we are going to have serious problems.”
Donald Trump on Economic Recession and Depression
Former President Donald Trump, speaking at a “Save America” rally in Arizona on Friday, said that President Joe Biden’s fiscal policies could plunge the United States into an economic depression warned that President Joe Biden’s fiscal policies could plunge the United States into an economic depression. His remarks were in support of Kari Lake, the Republican candidate for governor of Arizona.
Trump warned that the U.S. economy could enter a depression similar to the Great Depression of 1929. Recent data showed that U.S. inflation rose 8.6% in May from a year earlier, the highest rate in 40 years.
“Real wages have collapsed, we are on the verge of catastrophe, and this is devastating. It’s called stagflation, look it up. It’s not good,” Trump stressed. ‘My concern is they keep talking about having some reversals … Where we are going now could be a very bad place.
The former president continued, elaborating, “If we don’t get this country back on track, we are going to have serious problems.”
We are not in a recession. Recession is a lazy word. We’re going to have much bigger problems than a recession. We’re going to have a recession
“In 1929 they went through what they call a depression, you know what that is? You want, they want, they could only have a depression,” he noted.
Meanwhile, the Biden administration has downplayed the severity of the U.S. economic situation. Treasury Secretary Janet Yellen said on CNBC on Sunday:” This is not an economy in recession. But we are in a transition period of slowing growth, and that is necessary and appropriate.” He stated.
A recession is a widespread weakening of the economy. We are not seeing that now.
Trump is not the only one warning about a U.S. depression these days. Robert Kiyosaki, author of Rich Dad, Poor Dad, has also warned about an economic depression in the country, noting that the stock, bond, and real estate markets have crashed. Last week he predicted that inflation could lead to a Great Depression.
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