The US economy is “a bubble” that is heading for a “very massive recession”, according to Donald Trump, the reality TV star who seems likely to end up as the Republican nominee for November’s US general election.
“I think we’re sitting on an economic bubble. A financial bubble,” the billionaire businessman told the Washington Post in an interview published on 2 April. He said that a combination of high unemployment and an overvalued stock market are set to tank the US economy.
Why advertise with us
The unemployment rate in the US is currently 5.5%, a level most economists consider to be healthy – but Trump claimed that the Bureau of Labor Statistics was lying about the true figure.
“We’re not at 5% unemployment,” Trump said. “We’re at a number that’s probably into the twenties if you look at the real number,” he said, adding that the official jobless figure is “statistically devised to make politicians – and in particular presidents – look good”.
It is, meanwhile “a terrible time right now” to invest in the stock market, he claimed, once again flying in the face of accepted economic wisdom.
Having struggled under the spotlight in a difficult week, the real estate mogul has had to work hard to get his campaign back on track. One of the keys to his success so far is his appeal is to working class Americans who worry about the changing state of the economy and how it affects them. He has made hay by blaming unemployment suffered by his base on the outsourcing of jobs to Mexico and China. READ MORE OF THIS STORY