US election 2024: Donald Trump warns of ‘1929-style economic depression’ if Kamala Harris wins

Republican candidate and former president Donald Trump attacked the vice president Kamala Harrisclaiming that if she wins, the US will be just three days away from a depression similar to that of 1929.

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In a post on X, Trump said: “If Kamala wins, we are only three days away from a 1929-style economic depression. If I win, you’ll be three days away from the best jobs, the biggest salaries and the brightest economic future the world has ever seen.”

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Trump said Kamala’s inflation nightmare has cost the typical American family $30,000 in rising prices, and now “she wants to pass the biggest tax hike in American history and raise taxes by $3,000 a year.”

He concluded by saying, “I will significantly cut taxes for workers and small businesses—and we will have NO TIP TAX, NO TOP JOB TAX, and NO SOCIAL SECURITY TAX!”

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In another post, Trump emphasized illegal immigration and said, “As we save our economy, I will also restore our borders.”

“Over the past 4 years, Kamala has orchestrated the most blatant betrayal that any leader in American history has ever committed against our people. “She broke her oath, destroyed our sovereign border and unleashed an army of gangs and criminal migrants from jails and prisons, mental hospitals and mental institutions around the world, from Venezuela to the Congo, costing countless American lives,” Trump said.

What happened in 1929?

Great Depression It was a global economic recession that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by industrialized countries and led to significant changes in economic institutions, macroeconomic policies, and economic theory.

Initially starting in the United States, the Depression caused a sharp decline in output, widespread unemployment, and severe deflation in many countries. Its social and cultural impact was profound, especially in the United States, where it marked the greatest disaster faced by Americans since the Civil War.

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During the Great Depression, industrial production in the United States fell by 47% and real GDP fell by 30%. The wholesale price index fell by 33%, indicating significant deflation. While statistics may vary, it is generally accepted that unemployment was over 20% at its peak. This severity stands in stark contrast to the Great Recession of 2007–2009, when real GDP fell just 4.3% and the unemployment rate peaked at less than 10%.

What is the current US economic scenario?

As the US presidential election approaches, the economy remains a key issue for voters. Earlier in October, a CBS News poll found that six in 10 Americans thought the economy was either “fairly bad” or “very bad.” This perception persists despite positive economic indicators such as GDP growth and low unemployment rates close to pre-pandemic levels. Many citizens believe they are worse off than they were four years ago, highlighting the discrepancy between economic data and personal experience.

This opinion is likely to play a significant role in shaping voters’ decisions in the upcoming elections.

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By various measures, the US economy appears to be on solid ground, with strong GDP growth and low unemployment. Notably, as of September, inflation had fallen to a three-year low of 2.4%.

Even though the Federal Reserve raised interest rates to a 23-year high to combat inflation, the economy managed to avoid a recession. Experts such as Mark Zandi, chief economist at Moody’s Analytics, rate the economy’s performance as exceptional, giving it an A+ grade.

(With participation of agencies)