The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.
Thatâs 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 Newsâ âOn the Record with Greta Van Susteren.â
According to Trump, the United States is no longer a rich country. âWhen youâre not rich, you have to go out and borrow money. Weâre borrowing from the Chinese and others. Weâre up to $16 trillion in debt.â
He goes on to point out that the downgrade of U.S. debt is inevitable.
âWe are going up to $16 trillion [in debt] very soon, and itâs 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.â
Ballooning debt and a credit downgrade arenât Trumpâs only worries for this country. He says that the official unemployment rate âisnât a real numberâ 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.
âRight now, frankly, the country isnât doing well,â Trump added, âRecession may be a nice word.â
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 Americaâs Bubble Economy.
But Wiedemerâs outlook for the U.S. economy today makes Trumpâs observations seem almost optimistic.
Where Trump sees ballooning debt and a credit downgrade, Wiedemer sees much more widespread economic destruction.
In a recent interview for his book Aftershock, Wiedemer says, âThe data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting as soon as next year.â
When the host questioned such wild claims, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, âYou see, the medicine will become the poison.â
The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The countryâs financial ârescueâ devised in Washington has failed miserably.
via Donald Trump Tells Americans to Prepare for “Financial Ruins”.