Former President Donald Trump has warned that the US economy faces “a much bigger problem than the recession”. Noting that “we will have a depression”, he stressed: “we have to get this country started, otherwise we are going to have a serious problem”.
Donald Trump on economic recession and depression
Former President Donald Trump warned in a speech at a “Save America” rally in Arizona on Friday that the United States could enter an economic depression due to President Joe Biden’s fiscal policies. His remark was in favor of the Republican candidate for governor of Arizona, Kari Lake.
Trump has warned that the US economy could enter a depression similar to the Great Depression of 1929. Recent data showed US inflation rose 8.6% in May from a year earlier , the highest rate in four decades.
“Real wages are collapsing and we are on the verge of a devastating crisis, and it is devastating. This is called stagflation. This is not good,” Trump stressed. “What worries me is that they keep talking about having turnovers…where we’re going now could be a really bad place.”
The former president continued, “We have to get this country started, otherwise we’re going to have a serious problem,” stating:
No recession. Recession is a nice word. We are going to have a much bigger problem than the recession. We will 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 only had a recession,” he said. note.
Meanwhile, the Biden administration is downplaying the seriousness of the US economic situation. Treasury Secretary Janet Yellen told CNBC on Sunday: “This is not an economy in recession. But we are in a transition period where growth is slowing and that is necessary and appropriate. She said:
A recession is a general weakness in the economy. We don’t see that now.
Trump isn’t the only one to recently warn of a depression in the United States. Rich Dad Poor Dad author Robert Kiyosaki also warned of an economic depression in the country, noting that stock, bond and property markets are collapsing. Last week he predicted that inflation could lead to a greater depression.
What do you think of Donald Trump’s warning? Let us know in the comments section below.
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