A lot of people may not like what Donald Trump just said about the economy, but it is accurate. As you will see below, he recently warned that we could soon be facing “an economic depression much like 1929”, and without a doubt the stage has been set for a downturn of that magnitude. Right now, we are in the midst of a global bond crisis, the housing market is paralyzed by high mortgage rates, stores and restaurants are closing all over the nation, there have been mass layoffs in the tech industry, demand at food banks is soaring, and we are experiencing a seemingly endless cost of living crisis that stretches back all the way back to the beginning of this decade.So I very much agree that we are potentially facing a full-blown economic depression.
Earlier this month, Trump caused quite a shock when he publicly stated that the U.S. “will have an economic depression much like 1929” if the Democrats win the midterms…
Of course Trump is convinced that an economic depression can be avoided if Republicans win the midterms.
At the moment, pollsters are telling us that such an outcome is very unlikely.
The latest surveys indicate that Democrats are almost certainly going to take the House, and there is a good chance that they will also take the Senate.
Needless to say, the pollsters have been wrong before, and they could be wrong again.
So we will just have to wait and see what happens.
But without a doubt, our economy is teetering on the brink of disaster.
Today, we learned that pending home sales in the U.S. just hit their lowest level in more than 12 years…
The bond crisis has driven mortgage rates to absurd heights, and this is absolutely crushing the housing market.
The areas that are being hit the hardest were once some of the hottest during the boom years…
It appears to be inevitable that home prices will fall substantially.
In fact, this has already started to happen in some parts of the country.
That may sound like good news, but the last time this happened our economy plunged into “the Great Recession”.
What will happen this time around?
Right now, U.S. households are struggling to keep up with their debts at a level that we haven’t seen since 2010…
The reason why so many Americans are struggling to stay afloat financially is because we are in the middle of the longest multi-year cost of living crisis in U.S. history.
For years, I pleaded with our politicians to stop borrowing and spending so much money.
For years, I pleaded with the Federal Reserve to stop flooding our financial system with fresh cash.
But they didn’t listen.
Now the purchasing power of our money has fallen dramatically and the cost of living crisis is strangling the life out of communities from coast to coast.
In West Virginia, just trying to survive has become a daily struggle for countless numbers of people…
Of course it isn’t just our rural areas that are dealing with hard times.
Our major cities are teeming with the impoverished, the homeless and the addicted.
In some cities, homeless encampments stretch on for block after block, and hordes of drug addicts wander around like zombies and defecate in the streets.
Such an environment is perfect for rats, and it is no surprise that New York, Los Angeles and Philadelphia are the most rodent-infested cities in the United States…
If things are this bad now, what will they look like if “an economic depression much like 1929” soon hits us?
When I was growing up, our major cities were quite clean and there were no homeless encampments anywhere to be seen.
When I was growing up, drug addicts were not publicly urinating in front of children.
When I was growing up, millions of Americans were not living in their vehicles.
The middle class has been eroding for decades, and now millions upon millions of U.S. citizens live in third world conditions.
This is what long-term economic decline looks like, and now we are being told that “an economic depression much like 1929” could be in our future.
Brace yourself, because we are moving into times that are going to be extremely challenging for all of us.
Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
About the Author: Michael Snyder’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com. He has also written nine other books that are available on Amazon.com including “Chaos”, “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. When you purchase any of Michael’s books you help to support the work that he is doing. You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter. Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.
The post Yes, Donald Trump Really Did Just Say That “An Economic Depression Much Like 1929” Could Be Coming appeared first on The Economic Collapse.
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