Former President Donald Trump forecasts that the US economy is about to "collapse" and hopes this happens before he "returns to the White House."
"When the US economy crumbles, I hope it happens in the next 12 months because I don't want to be like Herbert Hoover," former President Donald Trump responded in an interview on Lindell TV on January 8.
Herbert Hoover was the 31st President of the United States during the term 1929-1933. In his first year in office, the US stock market collapsed, signaling the beginning of the Great Depression.
Former President Trump, who frequently criticizes White House incumbent Joe Biden on economic policies, describes the current US economy as "too fragile" and gradually diminishing the achievements of the Trump administration. However, he does not provide figures to support this claim.
Data released by the US Bureau of Labor Statistics on January 5 shows that the US economy added 216,000 jobs in December 2023, exceeding the expected 160,000 jobs, marking a year of recovery for the labor market, a factor that has driven spending and economic growth over the past year.
US Treasury Secretary Janet Yellen also spoke out to defend the current economy.
"Many pessimistic views about the economy have been proven unfounded. A year ago, most forecasters believed that the US would fall into a recession. But that did not happen. We have a robust labor market," Yellen said.
President Biden had previously compared Trump to former President Hoover.
"In the 4 years Donald Trump held power, he was the only president besides Herbert Hoover to cause a decline in employment. That's why I often call him Donald 'Herbert Hoover' Trump," Biden said.
Both Trump and Biden have declared their candidacy for re-election in 2024. Both are leading candidates representing the Republican and Democratic parties, respectively.