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.”
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.