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.”
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. His remark was in support of Republican Arizona gubernatorial candidate Kari Lake.
Trump warned that the U.S. economy could enter a depression similar to the Great Depression of 1929. Recent data showed that inflation in the U.S. rose 8.6% in May from a year prior, the highest rate in four decades.
“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.
Meanwhile, the Biden administration is downplaying the severity of the U.S. economic situation. 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:
Recession is broad-based weakness in the economy. We’re not seeing that now.
Trump is not the only one who has recently warned about a depression in the U.S. Rich Dad Poor Dad author Robert Kiyosaki has also warned about an economic depression in the country, noting that stock, bond, and real estate markets are crashing. Last week, he predicted that inflation may lead to a Greater Depression.
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