Trump Warns Something Worse Than Recession Is Coming

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.

Vance Ginn, Chief Economist at the Texas Public Policy Foundation, told The Epoch Times’ sister media NTD in an interview that, while officially it’s NBER that calls recessions, the two-quarter rule is “usually how it’s done by a rule of thumb.”

“I think this is definitely recession that we’re in now from these bad policies,” Ginn added, blaming a series of “progressive policies” coming out of the White House and the Democrat-controlled House.

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