Former President Donald Trump has warned that the U.S. will suffer an economic collapse worse than the Great Depression of 1929 if he does not win the November 2024 presidential election. He described this grim scenario in a Dec. 30 post on Truth Social.
"The economy is terrible and inflation – which by some accounts is more than 30 percent over the last three years – has totally destroyed the buying power of the consumer," he wrote. "The only thing that is keeping the economy 'alive' is the fumes that we accomplished during the Trump administration."
"The stock market is only high because people and institutions believe and expect me to win the president election of 2024. If I don't win, it is my prediction that we will have a stock market crash worse than that of 1929 – a 'Great Depression.' Make America Great Again." (Related: Trump 100% confident HE WILL WIN against Biden in the 2024 presidential elections.)
He reiterated this prediction during an appearance on MSNBC. "The Biden administration is running on the fumes of the great Trump administration," the former president said. "Without us, this thing would have reached to levels never seen before."
"If we are not elected, we will have a depression the likes of which I don't think anybody has ever seen; maybe 1929, that is what's going to happen."
According to Trump, the Biden administration's official inflation statistics were underestimating the real figure by nearly half. This practice referenced an older method of measuring the economic phenomenon that placed it over 30 percent. Inflation surged to a 40-year high since incumbent President Joe Biden took office in 2021 with prices rising by about 17 percent, though that high has since declined.
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The Great Depression of 1929 saw the stock market crash, kicking off an economic death spiral. The Dow Jones Industrial Average lost 89 percent of its value over three years, a slump it wouldn't fully recover from until 20 years after – thanks to the U.S. economy's post-World War II boom. The stock market crash was triggered by several factors, including rampant speculation and Federal Reserve rate hikes.
Biden approval rating bombs
Meanwhile, Biden's job rating has hit an all-time low based on a poll conducted by Monmouth University in New Jersey. Only three in 10 Americans say the incumbent is giving enough attention to the issues most important to them. The Monmouth poll also observed a drop in congressional leadership ratings, with House Speaker Mike Johnson (R-LA) debuting in negative territory.
Despite the White House's insistence that the nation's finances are robust and healthy, pundits believe otherwise. The Federal Reserve Bank of New York said credit card debt among Americans has hit a historic high in December 2023.
Analysts from JPMorgan also disclosed that any extra savings Americans had accumulated during the Wuhan coronavirus (COVID-19) pandemic had been wiped out for all but one percent of the population. A May 2023 survey attested to this, finding that nearly four in 10 Americans lacked enough money to cover a $400 emergency expense.
Trump's road back to 1600 Pennsylvania Avenue is paved with pending legal cases expected to come to a head this year. The real estate mogul-turned-president faces the possibility of four criminal trials alongside multiple civil cases. However, it remains unclear if he could be convicted in some of the cases before Americans head to the polling places.
This was not the first time Trump predicted an economic collapse in the event that he loses his presidential bid. Back in July 2023, he forecast an economic depression.
In April, he fretted over a crashing U.S. dollar and America's proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world’s dominant currency.
Head over to Trump.news for more stories about the former president ahead of the 2024 presidential election.
Watch this Fox News report about Black voters rejecting Biden and turning to Trump as "everything was better" under the latter.
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