Trump’s Partly Right: A ‘1929-Style Depression’ Is Just Around The Corner

President Donald Trump has warned that a "1929-style Depression" will arrive if Democrats win November's midterm elections. Seton Motley, founder and president of Less Government, argues in an opinion column that Trump is only partly right: in his view a depression is coming no matter which party controls Congress, and he says it would have come even had Trump never taken office, according to Daily Caller.

Motley blames the president in part, citing the war with Iran, which he says has broken the global energy system, and the Beautiful Bill, which he says added trillions of dollars to deficits and debt. He says U. S. government debt exceeds $40 trillion, with about $7. 8 trillion tied to Trump's first term and roughly $4 trillion to his second. He describes a weak bond market in which buyers are reluctant, forcing higher interest rates that make the debt costlier still.

Motley also calls artificial intelligence a debt-fueled bubble, putting its borrowing near $3. 5 trillion against annual revenue of $100 billion to $200 billion. He notes household debt of $18. 8 trillion, official inflation of 3. 4 percent, and stagnant real wages for most workers.

Summarized by PolitiKool from Daily Caller’s reporting. Read the full story at Daily Caller →