Donald Trump predicts a massive recession. He also says he can pay down the National Debt in 8 years.
Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts.
The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets.
“I know the Wall Street people probably better than anybody knows them,” said Trump, who has misfired on such predictions in the past. “I don’t need them.”
You can read the rest at the link. There is also a 7 1/2 minute video there.
In my opinion he is correct about the recession. I don’t see how he can pay down the National Debt in 8 years. That would be $2 trillion a year. The Federal budget is about $4 trillion this year.
Here is a guy who thinks Trump’s ideas have merit.
We have been through these sorts of discussions before. Note: The Wizard of OZ as a monetary allegory. Also William Jennings Bryan’s Cross of Gold speech. In effect Bryan suggested inflation as the cure for the money troubles of his age. That has been tried. It doesn’t work. And money as debt can’t work. The interest payments will be a killer. Gold? There is not enough of it. It is also an industrial metal important for electronics. If its value was inflated enough to support the US economy it would put significant hurt on the electronics industry. That is a very bad idea.
Comments
9 responses to “Trump predicts a ‘massive recession’”
It’s gonna be YUUUUUGE!
Of course he’s correct about the recession, if by that he means that the one we’re in is going to get a whole lot worse. As to the debt getting paid down, he’s such a comedian. Sure. Did you see Druckenmiller’s take at zerohedge today? It’s demographics, too much free shit and too many lazy asses not caring. The election of Trump wouldn’t change any of it. We are in stage of decline the Roman poet Juvenal wrote satires about, where people are getting free food and entertainment. Bread and circuses.
George Carlin summed it real well, only he left out politicians.
https://www.youtube.com/watch?v=tVlkxrNlp10
Only if he wins or tranny loving randy ted the pervert cruz wins.
Frank,
Agree. In addition what Trump leaves out is that with the current debt money system – if the debt is paid down there will be no money. And while the debt is being paid down the value of the dollar rises.
I’m betting he knows this. I’m betting he is counting on American ignorance.
So why do I keep rooting for Trump? The eGOP hates him. Which may be an elaborate ruse. If so we are probably no worse off than we would be with some other UniParty candidate winning.
The Druckenmiller article.
http://www.zerohedge.com/news/2016-04-03/stanley-druckenmiller-most-unsustainable-situation-i-have-seen-ever-my-career
I glanced at it. I’m going to read it in more detail.
Frank,
We went through a similar demographic collapse in the 1930s.
I was born on the tail end of the Silent Generation and have always counted myself as a Boomer.
The Boomers are not retiring. That may affect the accounting.
And it is worse than Druckenmiller states.
What he did not mention is robots. Industrial work is going the way of farm labor.
These things take 20 years to work out.
Robots and digital automation. Take banking, please. Couldn’t happen to a seamier bunch of fuckers.
http://www.krcrtv.com/living/money/30-of-bank-jobs-are-under-threat/38853704
[…] the comments at Trump predicts a ‘massive recession’ there was a short discussion of the Debt Money […]