The US economy will “crash,” according to former president Donald Trump, who expressed his expectation that it would happen within the next year, just before he would take office again if he were to win reelection in November.
If there is to be a crash, I pray it occurs within the next twelve months; otherwise, I would hate to play Herbert Hoover. The one president — I simply do not wish to be Herbert Hoover,” Trump stated in an interview that was shown Monday on the right-wing network Lindell TV.
The Great Depression began in 1929, during the first year of former President Herbert Hoover’s administration, when the US stock market fell.
With less than a week until the critical caucuses in Iowa, the Republican front-runner is trying to hammer home his economic message—and criticism of President Joe Biden—in these remarks.
In the interview, Trump—who is known to frequently criticise Biden for his economic policies—called the economy “so fragile” and said it was “running off the fumes” due to Trump’s initiatives.
In response, the White House released a statement in which it argued that the president had no business hoping that the American people would suffer economically.
The job of a commander-in-chief, according to White House spokesperson Andrew Bates, is to prioritise the needs of the American people above all else. He should never wish economic hardship on hardworking families in order to accomplish his political goals. “Instead of betraying their true colours and slashing the American middle class for their own parasitic self-interests, Republican officials should embrace the economic progress that President Biden is bringing about.”
The job market has been resilient this year, driving consumer spending and economic development. Friday’s December employment report blew beyond projections of monthly jobs gained, finishing off the strong performance of the labour market.
Janet Yellen, secretary of the treasury, spoke with AWN on Friday and defended the economy’s current status.
Many people’s negative views on the economy have turned out to be completely unfounded. Most economists predicted a recession a year ago. “Certainly, that has not occurred,” Yellen stated, emphasising, “We are fortunate to have a robust labour market.”
The US stock market not only avoided a recession last year, but it also triumphed over geopolitical tensions, regional financial upheaval, and a debt limit crisis. At year’s conclusion, the S&P 500 was up 24%, the Dow was up 14%, and the Nasdaq was up 43%. Wall Street is still worried about the recession and the Middle East conflict. Market volatility is likely to increase in the wake of the election, even if the S&P 500 index has a track record of rising in the fourth year of a president’s tenure.
