During a rally in Arizona, former President Donald Trump warned that recession was the least of Americans’ worries. (Hint its 100th anniversary is in seven years.)
“Where we’re going now could be a very bad place,” the 45th president said. “We got to get this act in order, we have to get this country going, or we’re going to have a serious problem.”
Trump pointed out the collapse of Americans’ real wages, a historic reduction in labor force participation, and the Democratic push for the New Green Deal that, according to Trump, would “crush economic growth.”
“Not recession. Recession’s a nice word. We’re going to have a much bigger problem than recession. We’ll have a depression,” Trump forewarned.
His remarks came ahead of reports on the Gross Domestic Product cascading into negative numbers for the second month in a row – the textbook definition of entering a recession.
Vance Ginn, Chief Economist at the Texas Public Policy Foundation, told The Epoch Times,’
“I think this is definitely recession that we’re in now from these bad policies,” blaming a series of “progressive policies” coming out of the White House and the Democrat-controlled House for the current economic conditions.
Trump hammered the Biden Administration for soaring inflation.
“Biden created the worst inflation in 47 years. We’re at 9.1 percent, but the actual number is much, much higher than that,” Trump said.
He continued that the rising inflation was “costing families nearly $6,000 a year, bigger than any tax increase ever proposed other than the tax increase that they want to propose right now.”
An alternative Consumer Price Index (CPI) developed by economist John Williams, using the same methodology of calculation used by the U.S. government in the 1980s, puts the inflation figure at 17.3%, a 75-year high.
The highest inflation rate during the Trump era was 2.8% in July 2018. In his final month in office, inflation was 1.4%.
During the 18 months of Joe Biden’s leadership, inflation has surged to near 50-year heights, and gas prices skyrocketed to never before seen territory.
Trump shifted his topic to energy during the speech. He blasted the Biden Administration for “begging” foreign governments for what America has plenty of, the natural resource of oil.
“Just two years ago, we were energy independent. We were even energy dominant. The United States is now a beggar for energy.”
“We have more liquid gold under our feet than any other country in the world. We are a nation that is consumed by the radical left’s Green New Deal, yet everyone knows that the Green New Deal will lead to our destruction.”