Donald Trump on the Financial Crisis and the Depression
In a speech delivered Friday at a “Save America” event in Arizona, former President Donald Trump cautioned that President Joe Biden’s budgetary policies might cause the United States to experience an economic depression. He made the comment in favor of Kari Lake, a Republican running for governor of Arizona.
Trump expressed concern that the American economy would experience a downturn comparable to the Great Depression of 1929. According to recent data, the U.S. had its highest rate of inflation in four decades in May, up 8.6 percent over the previous year.
We are on the edge of a disastrous situation, and real wages are falling. Look it up; it’s called stagflation. It’s not good,” said Trump.
“What worries me is that they frequently mention experiencing some reversals… The direction we’re heading in now might be disastrous.
“We have to get this country functioning, or we’re going to have a severe problem,” the former president stated, 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, did you know that back in 1929, there was a thing called the Depression? You desire, they wish they could have just experienced a recession, he said.
The Biden administration, however, downplays how dire the economic situation is in the United States. On CNBC on Sunday, Treasury Secretary Janet Yellen stated: “This is not a recessionary economy. But growth is slowing now because we are in a transitional phase, which is both appropriate and essential. She stated:
Recession is broad-based weakness in the economy. We’re not seeing that now.
Trump is not the only one who have lately issued a depression warning for the United States. Robert Kiyosaki, the author of Rich Dad Poor Dad, has also expressed concern about a national economic collapse, pointing out that the stock, bond, and real estate markets are collapsing. He hinted at the possibility of a Greater Depression last week.