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Trump Expresses Desire for US Economic Crash Before Possible Re-election: ‘I Don’t Want to Be Hoover’

Former President Donald Trump expressed his desire to prevent a first year similar to President Herbert Hoover’s, should he win a second term. Hoover’s presidency saw the stock market crash and the onset of the Great Depression in 1929.

Trump’s Comments on the Economy

Credit: Donald Trump at the Conversation with the Producers of “The Apprentice” at the Museum of Television & Radio, Beverly Hills, CA. 09-20-04 — Photo by s_bukley

In an interview with Lou Dobbs on January 8, Trump described the current U.S. economy as fragile. He attributed its functioning to the remnants of his policies, expressing hope that any potential crash would occur before he possibly takes office again.

Biden’s Comparison of Trump to Hoover

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President Joe Biden previously compared Trump to Hoover at a campaign reception in Boston. Biden highlighted that Trump, like Hoover, saw a loss of jobs during his presidency.

Read More: These “Trump” Stocks Could Take Off if He’s Re-elected

Congressional Budget Office’s Economic Projections

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The Congressional Budget Office (CBO) has projected a slowdown in U.S. GDP growth for 2024. The CBO expects growth to fall to 1.5 percent in 2024 before recovering in 2025.

CBO’s Predictions on Unemployment and Growth

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The CBO anticipates the unemployment rate to rise from 3.9 percent in Q4 2023 to 4.4 percent in Q4 2024. It projects weaker growth, lower unemployment, and higher interest rates for 2024 and 2025.

Experts Warn of Potential Recession

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Experts, including Desmond Lachman from the American Enterprise Institute, warn of a possible recession before the 2024 election. They cite risks from the Federal Reserve’s monetary policy and issues in the commercial real estate sector.

Also Read: President Biden Proposes Plans for Social Security

Public Opinion on Biden’s Economic Handling

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A significant portion of Americans are dissatisfied with President Biden’s handling of the economy. A CNN poll revealed concerns among Americans about rising costs and their impact on communities.

GDP Growth and Public Perception

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Despite positive GDP growth rates in the first three quarters of 2023, many Americans feel worse off financially. This is largely attributed to the loss of purchasing power due to inflation.

Bankrate Survey on Recession Perception

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A Bankrate survey found that 59 percent of Americans believe the U.S. is currently in a recession. This perception is influenced by the negative impact of the economic environment on personal finances.

Read More: Judge Orders Giuliani to Promptly Pay Defamed Georgia Election Workers

Financial Situation of Americans Since COVID-19

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According to a Bankrate report, 50 percent of Americans felt their financial situation worsened compared to three years ago. Inflation and economic factors have eroded Americans’ emergency savings.

Forbes’ Prediction of Consumer Turbulence

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Steve Forbes, Editor-in-Chief of Forbes magazine, predicted increased consumer turbulence in 2024. He criticized the Federal Reserve’s monetary tightening, suggesting it might not benefit the economy.

Trump’s Critique of Biden’s Economic Policies

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Trump has been critical of Biden’s economic policies, suggesting they have led to higher prices. He believes the Federal Reserve’s actions are intended to support Biden ahead of the election.

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KIEV, UKRAINE – Jan 16, 2017: Vice president of USA Joe Biden during his visit to Kiev and meeting with President of Ukraine Petro Poroshenko — Photo by palinchak

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