Donald Trump voices deep concerns about the American economy: 'On the brink of another Great Depression'

Written by Jakob A. Overgaard

Sep.09 - 2023 7:35 PM CET

Foto: Shutterstock
Foto: Shutterstock
Donald Trump, the former U.S. president, recently voiced his concerns about the future of the American economy, drawing parallels to the infamous "Great Depression" that followed the Wall Street crash.

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Addressing a crowd at a campaign rally in South Dakota, Trump expressed his apprehensions about the current economic trajectory. This event marked his first public appearance since facing indictment charges related to election subversion in Georgia.

"The reality is, we might be on the brink of another Great Depression, a sentiment I've never publicly acknowledged before," Trump declared. "It's disheartening to admit this, especially here in South Dakota, but it's a statement I believe I've never made before. It's a significant proclamation, and I'm reluctant to make it."

However, in contrast to Trump's grim outlook, recent reports from the Federal Reserve suggest a more optimistic economic forecast. Despite ongoing inflation concerns, Federal Reserve officials remain hopeful that the U.S. will steer clear of a recession in 2023. A recent Fed report highlighted modest economic growth in July and August. Furthermore, data from the Labor Department indicates that unemployment benefit applications have reached their lowest since February.

Financial institutions and investors have cautioned the central bank against further hikes in interest rates, fearing a "hard landing" scenario where rapid economic growth is followed by a severe downturn. Trump contrasted the economic visions of his administration with that of the current president, Joe Biden. "The upcoming election presents a choice between a Biden economic downturn, which I predict will be severe, or a Trump-led economic surge," he emphasized.

During the rally, Trump also touched upon other topics, including his criticism of the so-called "woke ideology" and its influence on the U.S. military. He accused the Biden administration of allowing Marxist, fascist, and communist ideologies to undermine the country's foundations. "Under Biden's leadership, these groups are not just toppling statues; they're dismantling our economy, eroding our borders, and undermining our laws," Trump asserted.

Ahead of the South Dakota rally, Trump received an endorsement from the state's governor, Kristi Noem. He also confirmed his participation in a televised debate with the Democratic nominee next year. However, he expressed his reluctance to face "unpleasant questions" from certain media outlets, which he perceives as hostile.

Reflecting on the recent indictments against him, Trump dismissed them as politically motivated. "These charges are merely a political maneuver," he stated. "I view them as a badge of honor. These indictments are a blatant misuse of law enforcement, unprecedented in our nation's history."

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