Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Donald Trump warns US economy faces ‘much bigger problem than recession’ – ‘We want a depression’ – Economics Bitcoin News
Former President Donald Trump has warned that the US economy is facing “a much bigger problem than recession”. Noting that “We want a depression,” he emphasized, “We’ve got to get this country going or we’re going to have a serious problem.”
Donald Trump on economic recession and depression
Former President Donald Trump warned Friday in a speech at a “Save America” rally in Arizona that the United States could enter an economic depression because of the fiscal policies of President Joe Biden. His remarks were in support of Arizona Republican gubernatorial candidate Kari Lake.
Trump 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 brink of a devastating one, and this is devastating. It’s called stagflation, look it up. It is not good, Trump emphasized. “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’ve got to get this country going or we’re going to have a serious problem,” elaborating:
Not a recession. Recession is a nice word. We are going to have a much bigger problem than recession. We get a depression.
“You know, in 1929 they had this thing called the Depression, you know that right? You wish, they wish, they could have just had a recession,” he noted.
Meanwhile, the Biden administration downplays the severity of the US economic situation. Treasury Secretary Janet Yellen said Sunday on CNBC: “This is not an economy that is in recession. But we are in a transition period where growth slows down, and that is necessary and appropriate.” She stated:
Recession is a broad-based weakness in the economy. We don’t see that now.
Trump is not the only one who has recently warned of a depression in the United States. Rich Dad Poor Dad author Robert Kiyosaki has also warned of an economic depression in the country, noting that stock, bond and real estate markets are crashing. Last week he predicted that inflation could lead to a major depression.
What do you think of Donald Trump’s warning? Let us know in the comments section below.
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