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| Economy |
| Trump Warns Something Worse Than Recession Is Coming |
| 2022-07-30 |
| [ET via ZERO] Former President Donald Trump has warned that America’s economy is on track for a bigger disaster than a recession, with his remarks coming shortly before government statistics showed GDP printing negative for the second consecutive quarter, which is a rule-of-thumb definition for a recession. "Where we’re going now could be a very bad place," Trump said at a rally in Arizona last week. "We got to get this act in order, we have to get this country going, or we’re going to have a serious problem." The former president singled out the collapse in Americans’ real wages, a historically depressed labor force participation rate, and the Democrat push for the Green New Deal that he said 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," the former president said. Trump’s remarks came several days before the Bureau of Economic Analysis (BEA) released data showing that real U.S. GDP fell by an annualized 0.9 percent in the second quarter after contracting 1.6 percent in the first quarter. Two consecutive quarters of negative GDP growth are a common rule-of-thumb definition for a recession, although recessions in the United States are officially declared by a committee of economists at the National Bureau of Economic Research (NBER) using a broader definition than the two-quarter rule. |
| Posted by:Besoeker |
| #5 Yeah, another Democrat term is coming. |
| Posted by: Dron66046 2022-07-30 09:46 |
| #4 My minor article correction. Stolen is not Won. |
| Posted by: NN2N1 2022-07-30 08:35 |
| #3 Probably not. As I read the financial press, most people expect the Fed to wimp out sometime late this year or early next year. Which, of course, a la 1975, will just feed a yet more vicious round of inflation which will eventually require a repeat of the horrific 1979-82 recession to cure it. |
| Posted by: Tom 2022-07-30 07:15 |
| #2 ^^^ I tend to agree with the above comment, except the timeline is short, try 6 to 8 years, at a depth, of -19% GDP from baseline 2018, which will make the Great Depression look like a 12-year Recession. Hence the "something worse" Mr. Trump is alluding toward in his comment. |
| Posted by: Glineter Hupush8291 2022-07-30 02:08 |
| #1 More like a depression that lasts for 3-5 years. |
| Posted by: DarthVader 2022-07-30 00:54 |