Donald Trump Warns US Economy Faces ‘Much Bigger Problem Than Recession’ – ‘We’ll Have a Recession’ – Bitcoin Economics News
Former President Donald Trump has warned that the US economy faces a “much bigger problem than a recession”. Pointing out that “we will get depressed,” he stressed, “We have to make this country go, otherwise we will have a serious problem.”
Donald Trump on recession and depression
Former President Donald Trump warned Friday in a speech during the “Save America” rally in Arizona that the United States could enter an economic depression due to President Joe Biden’s fiscal policies. His comments came in support of the Republican candidate for governor of Arizona, Carrie Lake.
Trump warned that the US economy could enter a depression similar to the Great Depression of 1929. Recent data showed that US inflation rose 8.6% in May from the previous year, the highest rate in four decades.
“Real wages are collapsing and we are on the verge of collapsing, and this is devastating. It’s called stagflation, look it up. Trump stressed that.” A very bad place.”
And the former president continued, “We have to make this country go, otherwise we will have a serious problem,” explaining:
Not slack. Slack is a good word. We’re going to have a much bigger problem than stagnation. We will get depressed.
“You know, back in 1929 they had this thing called stagnation, you know that, right? You wish, they wish, the slump had just slumped.”
Meanwhile, the Biden administration is downplaying the seriousness of the US economic situation. On Sunday, Treasury Secretary Janet Yellen stated on CNBC: “This is not an economy in recession. But we are in a transition period where growth is slowing and this is both necessary and appropriate.” She said:
A recession is a widespread weakness in the economy. We don’t see that now.
Trump is not the only person to have recently warned of a recession in the United States, author Robert Kiyosaki, author of Rich Dad Poor Dad, has warned of the country’s economic depression, noting that stock, bond and real estate markets are collapsing. He predicted last week that inflation could lead to an even bigger depression.
What do you think of Donald Trump’s warning? Let us know in the comments section below.
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