Former President Donald Trump predicted the U.S. economy would crash in 2024, saying he did not want to serve a term similar to President Hoover’s, who took office when the economy was stable but later dealt with the Great Depression.
During an interview with Lou Dobbs, the GOP presidential front-runner said that while the economy is in an awful state, there were some good aspects due to his administration’s moves before Joe Biden took office.
“We have an economy that’s so fragile, and the only reason it’s running now is it’s running off the fumes of what we did,” Trump said.
“It’s just running off the fumes.”
Trump added:
“And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover.”
“The one president I just don’t want to be, Herbert Hoover.”
Despite economists’ predictions, the U.S. economy closed the 2023 year with high marks, with inflation down and job growth high.
“What we’re seeing now I think we can describe as a soft landing, and my hope is that it will continue,” Treasury Secretary Janet Yellen said in an interview on CNN on Friday.
The Hill reported:
“The U.S. added 216,000 jobs in the final month of 2023 and kept the unemployment rate at 3.7 percent, far exceeding the expectations of economists. The annual inflation rate also dropped from 9.1 percent, a four-decade high, in June 2022 to 3.1 percent in November, according to the Labor Department.”
“The American people did it,” Yellen said. “
The American people go to work every day, participate in the labor market, form new businesses. But President Biden has tried to create incentives that give Americans the tools they need to help this economy grow.”
In October last year, Yellen claimed that the rise in debt is a sign of a “strong economy.’
During an interview with Bloomberg, Yellen said:
“A reflection of the resilience that people are seeing in the U.S. economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness.”
The Biden campaign responded to Trump’s remarks by quoting Biden at a campaign event.
“President Biden three days ago: ‘Donald Trump’s campaign is about him. Not America. Not you,'” the statement read on X, formerly Twitter.
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