Former President Trump came forward during a rally last week to warn that America’s economy is going down the drain and is set to face a much bigger disaster than a typical downturn over the next couple of months. His forecasts came shortly before new official numbers showed that U.S. economic growth is declining for the second consecutive quarter while consumer prices reached the highest level in a generation, and Americans’ purchasing power continues to shrink. At this point, there’s no way to avoid another economic slump, and what is coming next is going to be even more devastating than most people expect, experts say.
“Where we’re going now could be a very bad place.” He emphasized that millions of Americans are seeing their real wages collapse as inflation continues to rise and eat a bigger share of workers’ buying power. At the same time, worsening labor conditions have resulted in a historically depressed labor force participation rate, and the administration’s current push for a Green New Deal is only going to accelerate our economic slump given that the nation’s critical energy supplies are dwindling. “We got to get this act in order, we have to get this country going, or we’re going to have a serious problem,” he alerted.
In his view, calling the next downturn a recession is not enough to describe the difficulties we’re all going to face. Considering that virtually every sector of the economy is being hit by one disruption after the other, Trump argues that an economic depression that will rival the Great Depression of the 1930s is ahead, and a few days after his speech, new official numbers were released and they indicate that his forecasts might be spot on.
“On Friday, the Bureau of Economic Analysis 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 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 using a broader definition than the two-quarter rule,” as explained by Tom Ozimek in a new article for The Epoch Times.
No wonder why so many experts believe things will get far worse as we move towards the end of the year. In his remarks, the former president also criticized the current government’s handling of the economy, blaming the Democrat-controlled White House for soaring inflation and growing economic imbalances.
On top of all of that, skyrocketing energy prices are making the situation much more complicated. According to the Bureau of Labor Statistics, soaring energy costs accounted for around half of the headline inflation figure. Trump argued that these decisions left the United States in a very vulnerable position. Now, we’re literally “begging” other countries to pump more oil instead of trying to ramp up domestic production. The shortage of energy supplies is already slowing down manufacturing activity and contributing to the deterioration of the country’s economic conditions. The term “recession” can be described as a broad-based weakness in the economy, and that’s exactly what we’re witnessing right now.
It’s safe to say that their attempts to curb inflation by rising interest rates will only make things worse. Our money is gradually becoming worthless paper and the decaying living standards of our country will destroy our Republic and plunge us into an economic depression like anything we’ve ever experienced in our lifetime. The moment of truth has arrived. Now more than ever, it’s time to wake up.
For more info, find us on: https://www.epiceconomist.com/
And visit: http://theeconomiccollapseblog.com/
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