Former President Donald Trump has warned that the U.S. economy is facing “a much bigger problem than recession.” Noting that “We’ll have a depression,” he stressed: “We have to get this country going, or we’re going to have a serious problem.”
Donald Trump: Economic Recession and Depression
Former President Donald Trump warned Friday in a speech during a “Save America” rally in Arizona that the U.S. could enter an economic depression due to the fiscal policies of President Joe Biden. He made the comment in support for Kari Lake, Republican Arizona governor-elect.
Trump said that the U.S. could experience a similar depression to 1929’s Great Depression. According to recent data, inflation rose by 8.6% in the United States in May compared with a year ago. This is the highest level in over 40 years.
“Real wages are collapsing and we’re on the verge of a devastating, and this is devastating. It’s called stagflation look it up. It’s not good,” Trump stressed. “What I’m concerned about, they keep talking about having some reversals … where we’re going now could be a very bad place.”
The former president continued, “We have to get this country going, or we’re going to have a serious problem,” elaborating:
Not recession. Recession’s a nice word. We’re going to have a much bigger problem than recession. We’ll have a depression.
“You know, in 1929 they had this thing called the Depression, you know that right? You wish, they wish, they could have had a recession only,” he noted.
The Biden administration continues to downplay the seriousness of America’s economic crisis. Treasury Secretary Janet Yellen said Sunday on CNBC: “This is not an economy that is in recession. But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate.” She stated:
A broad-based economic weakness is called a recession. We’re not seeing that now.
Trump isn’t the only person who recently predicted a U.S. depression. Robert Kiyosaki, author of Rich Dad Poor Dad, also warned that there could be an economic downturn in America. He noted that the stock, bond and real-estate markets have crashed. He predicted last week that higher inflation could lead to a greater depression.
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