The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.
That’s according to Donald Trump, who painted a very ugly picture of
where this country is headed. Trump made the comments during a recent
appearance on Fox News’ “On the Record with Greta Van Susteren.”
According to Trump, the United States is no longer a rich country. “When
you’re not rich, you have to go out and borrow money. We’re borrowing
from the Chinese and others. We’re up to $16 trillion in debt.”
He goes on to point out that the downgrade of U.S. debt is inevitable.
“We are going up to $16 trillion [in debt] very soon, and it’s going to
be a lot higher than that before he gets finished. When you have [debt]
in the $21-$22 trillion, you are talking about a downgrade no matter how
you cut it.”
Ballooning debt and a credit downgrade aren’t Trump’s only worries for
this country. He says that the official unemployment rate of 8.2 percent
“isn’t a real number” and that the real figure is closer to 15 percent
to 16 percent. He even mentioned that some believe the unemployment rate
to be as high as 21 percent.
“Right now, frankly, the country isn’t doing well,” Trump added, “Recession may be a nice word.”
While 15 percent to 16 percent unemployment, a looming credit downgrade,
and ballooning debt are a bleak outlook for the United States, they are
hardly as alarming as the scenario laid out by another economist.
Without earning celebrity status or having his own television show,
Robert Wiedemer did something else that grabbed headlines across the
country: He accurately predicted the economic collapse that almost sank
the United States.
In 2006, Wiedemer and a team of economists foresaw the coming collapse
of the U.S. housing market, equity markets, private debt, and consumer
spending, and published their findings in the book America’s Bubble
Economy.
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