Donald Trump stated that the United States is facing a “a depression not a recession” He said: “We must get this country moving, or we’re heading for a serious problem.”
In a speech Friday at a Save America rally in Arizona, former President Donald Trump warned that the U.S. might fall into an economic depression because of the fiscal policies of President Joe Biden. He made the comment in support of Kari Lake, Republican Arizona governor-elect.
Trump warned that the U.S. could fall into a depression like the 1929 Great Depression. Recent data revealed that inflation increased 8.6% in May compared to a year ago, the highest rate for four decades.
“Real wages are falling and we’re at the brink of a catastrophic, and this is devastating. This is called stagflation. Trump said it was not good. Trump stated, “What I am concerned about is that they talk about some reversals… Where we are now could be very bad.”
Exemplifying, the former president said, “We must get this country moving, or else we’re going have a serious problem.”
Not recession. Recession is a nice term. Recession is not the only problem. There will be a depression.
“You know, they had the Depression in 1929, right? They could have had a recession, but they wish,” he said.
The Biden administration continues to downplay the seriousness of the U.S. economy’s situation. CNBC’s Janet Yellen, Treasury Secretary, stated Sunday that “This economy is not in recession.” However, we are in a transition period in which growth is slowing. This is necessary and appropriate,” she stated.
A broad-based economic weakness is called a recession. That is not what we are seeing right now.
Trump isn’t the only one to warn about a depression in America. Robert Kiyosaki, author of Rich Dad Poor Dad, has also warned about an economic downturn in the country. He noted that the stock, bond and real estate markets are crashing. He predicted last week that inflation could lead to a greater depression.
