Tags: 2020 Elections | Donald Trump | Financial Markets | Joe Biden | kamala harris | economy | depression

Trump: Biden Win Would Bring Worst Depression Since 1929

trump in a navy blue suit and blue striped tie walking on the lawn
President Donald Trump (Tasos Katopodis/Getty Images)

By    |   Thursday, 13 August 2020 08:32 AM

Joe Biden and Sen. Kamala Harris want to enact $4 trillion in taxes, and if they win the presidential race and their plans come through, "You will see a depression the likes of which you have never seen," President Donald Trump warned Thursday. 

"You'll have to go back to 1929, I guess it doesn't get too much worse than that, and you'll just see that," Trump told Fox Business' Maria Bartiromo. "They want to tax $4 trillion. It's going to be the biggest tax increase in history by far. It will triple up records, and they are big taxers. It's just something that won't work."

The stock market, he added, is "almost back to where we were," and "we're still in the pandemic, which will be going away, as I say, it will be going away."

He also pointed out that the Dow Jones Industrial Average and Nasdaq composite have been "hitting records," but the economy in 2021 "depends on who wins."

"I think if [Biden] wins you're going to end up with a disaster, to be honest," said Trump. "I see his plans. The New Green Deal is something that — the likes of which nobody can even comprehend. It's drawn by children. It's so ridiculous, OK ... they're talking about no fossil fuels, which basically means no energy, you would have to close down half the businesses of the country."

But while Biden and Harris, along with Democrats, are blaming Trump for there being so many millions of people out of work, "nobody's buying it," he said. 

"Look, we got hit by the China plague and we're not going to forget it," said Trump. "I built the greatest economy in history, greatest job numbers, greatest stock market numbers, greatest economic numbers. Nobody's ever seen it. I was cruising to election. They wouldn't have had a factor. George Washington would have had a hard time winning."

But there's an "overhang" with the numbers with the possibility that Biden could win, said Trump, because "If he got in, the numbers would go down thousands of points." 

He added that if he wins, he'll be rebuilding the economy "twice," but "nobody blames me. Even radical left crazies out there, this is the first time I've heard the attack ... the fact is, this plague came in and I closed it up, saved millions of lives. Now we're reopening. I don't know if you saw yesterday, but I put up charts, they were incredible. You talk about a V, that's like a super V."

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Joe Biden and Sen. Kamala Harris want to enact $4 trillion in taxes, and if they win the presidential race and their plans come through, "You will see a depression the likes of which you have never seen," President Donald Trump warned Thursday.
kamala harris, economy, depression, stock market, taxes
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2020-32-13
Thursday, 13 August 2020 08:32 AM
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