Donald Trump Says the United States is Heading to New Great Depression

Former President Donald Trump believes the United States is well on its way to entering a nasty economic recession. 

He blames this upcoming economic predicament on President Joe Biden’s economic policies, which he believes will lead to a new Great Depression 

“With what is happening to our economy, and with the proposals being made on the largest and dumbest tax increase in the history of the USA Joe Biden will go down as the Herbert Hoover (US President in 1929-1933) of the modern age. We will have a great depression far bigger and more powerful than that of 1929. As proof, the banks are already starting to collapse!!!” Trump posted on Truth Social on March 13, 2023  .

On March 10, the California Department of Financial Protection announced the bankruptcy of Silicon Valley Bank — the 16th largest bank in the US. SVB generally served the high-tech sector and companies funded by venture capital. Per a CNN report, the SVB failure was the largest bank failure that took place in the US since the 2008 global financial crisis.

Trump is on to something here. The Biden regime’s fiscal and monetary policies have created the present economic pickle the US finds itself in.

This is not the product of random elements or “greedy capitalists” but rather deliberate public policy.

For his part, Trump’s administration spent too much and did little to tame the easy money beast. While he did pursue common sense deregulation measures, Trump must do more to set economic matters straight should he come back to power. America can’t afford to maintain its interventionist economic model if it wants to remain a socially cohesive society.

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