United States headed for something worse than recession - Trump warns
- Capitol Times
- Jul 29, 2022
- 1 min read
As the economy slipped into recession for a second consecutive quarter, former President Donald Trump warned that America's economy was headed for a bigger catastrophe than a recession.
He pointed to the declining real wages, the historically low rate of labor force participation, and Democratic plans for a Green New Deal that he said would destroy the U.S. economy.
“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.”
“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 Trump said.
The Former President's remarks follow the release of data by the Bureau of Economic Analysis (BEA) showing that the real U.S. real GDP declined 0.9 percent in the second quarter after falling 1.6 percent in the first. Generally, recessions in the United States are defined by two consecutive quarters of negative GDP growth, though the National Bureau of Economic Research (NBER) uses a broader definition.
29 July 2022
