Donald Trump Warns US Economy Is Facing ‘Much Bigger Problem Than Recession’ — ‘We’ll Have a Depression’

Donald Trump Warns US Economy Is Facing "Much Bigger Problem Than Recession" — "We"ll Have a Depression"

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.” Donald Trump on Economic Recession and Depression

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. Tags in this story Donald Trump, Donald Trump depression, Donald Trump depression 1929, Donald Trump economic recession, Donald Trump inflation, Donald Trump recession, Donald Trump warning

What do you think about the warning by Donald Trump? Let us know in the comments section below. 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 between economics and cryptography. Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency ECONOMICS | 16 hours ago Krugman Says He Was "Wrong About Inflation," Summers Talks Recession, Biden Criticized Over ‘Half-Truths and Fibs’ ECONOMICS | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Criticized for How It Regulates Crypto — Chair Gensler Says Most Crypto Tokens ‘Have Attributes of Securities’ Next articleMetaverse Real Estate Sales to Grow by $5 Billion by 2026 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining