Given how many times Donald Trump has made true predictions, I'd pay attention when the man says we could be headed for a full-on economic depression.
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.
[...]
Soaring energy prices have been one of the key contributing factors to inflation, accounting for around half of the headline inflation figure, according to the Bureau of Labor Statistics.
In his criticism of Biden’s policies, Trump singled out what he called “Biden’s war on American energy” and blamed it for pushing up gasoline prices.
Since taking office, Biden has taken a number of executive actions targeting the oil industry, including rescinding the Keystone XL pipeline permit, halting new oil and gas drilling leases on federal lands and waters, and ending fossil fuel subsidies by some agencies.
The price of gasoline is around double what it was when Biden took office, with the president blaming various factors, including a lack of refining capacity, the war in Ukraine, and corporate greed.
In a bid to lower prices at the pump, Biden ordered the release of oil reserves from the national strategic reserve, called on U.S. refineries to boost output, and pushed OPEC to pump more crude.
In his speech, Trump said this amounted to “begging” other countries to pump more oil instead of trying to ramp up domestic production.
“We have more liquid gold under our feet than any other country in the world. We are a nation that is consumed by the radical left’s Green New Deal, yet everyone knows that the Green New Deal will lead to our destruction.”
“Just two years ago, we were energy-independent. We were even energy-dominant. The United States is now a beggar for energy.”
As Barack Obama said, Never underestimate Joe's ability to fuck things up.
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