Trump Warns Of Approaching Great Depression

Former President Donald Trump delivered a scathing critique of President Joe Biden’s economic policies during a speech in Rapid City, South Dakota, on Friday. In prepared remarks obtained by Breitbart News, Trump referred to Biden’s economic agenda as “Bidenomics” and claimed it was leading the country into what he characterized as another “Great Depression.”

Trump began by stating, “If you took the five worst presidents in the history of the United States and added them up, they would not have done near the destruction to our country as Joe Biden and the Biden administration have done in a few short years.” He specifically pointed to what he saw as the failures of Biden’s economic policies, highlighting several key issues:

1. Inflation and Dollar Devaluation: Trump noted that cumulative inflation had surged to nearly 20 percent since Biden took office, and the U.S. dollar had lost over 20 percent of its value in just three years.

2. Government Spending: Trump criticized Biden for what he deemed excessive and wasteful spending, claiming that $11.5 trillion had been expended, equivalent to $88,000 per American family.

3. Budget Deficit: The former president expressed concern about the rapidly increasing budget deficit, which he asserted was on track to more than double in a single year under Biden.

4. Manufacturing and Job Reports: Trump pointed out that manufacturing had contracted for ten consecutive months, and monthly job reports had consistently been revised downward throughout 2023.

5. Job Creation: Comparing his own presidency to Biden’s, Trump stated that during his first 30 months in office, 4.9 million new jobs were created, far exceeding predictions, while Biden had only managed to generate 2.1 million new jobs during the same period.

6. Income: Trump argued that real incomes had decreased by $7,400 per family under Biden, whereas during his presidency, yearly incomes had increased by over $6,000.

Trump warned, “We’re heading into a great depression,” and posed the question of whether it would occur during Biden’s remaining months in office or impact the next president. He vowed not to let a situation reminiscent of Herbert Hoover’s presidency unfold and accused Biden of being an “economic arsonist” responsible for an “inferno of inflation, taxation, submission, and failure.”

“We’re heading into a great depression,” Trump stated. “The only question is whether or not it will be during the remaining months of the Biden administration … or will the next president have to bear the brunt of what Biden has done to our country? I don’t want to be the next Herbert Hoover — and I won’t let that happen.”

The former president also framed the upcoming election as a choice between a “Biden Economic Bust” or a “Trump Economic Boom,” claiming that Biden prioritized his family’s enrichment over that of the American people.

South Dakota Governor Kristi Noem, who attended the event, endorsed Trump’s presidential campaign. Trump’s speech marked his return to South Dakota since his notable Mount Rushmore speech in July 2020 on the eve of Independence Day.

In this address, Trump aimed to rally support for his vision of economic recovery and growth, framing himself as the candidate who could deliver a prosperous future for American families.