https://www.ntd.com/trump-warns-something-worse-than-recession-is-coming_816366.html

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.

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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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“Biden created the worst inflation in 47 years. We’re at 9.1 percent, but the actual number is much, much higher than that,” Trump said.

While the former president didn’t provide his own estimate for the true rate of inflation, an alternative CPI inflation gauge developed by economist John Williams, calculated according to the same methodology used by the U.S. government in the 1980s, puts the figure at 17.3 percent, a 75-year high.

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“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.”