Donald Trump has drawn criticism from economists over his prediction of an impending recession, with Ben Stein calling his economic theories "sheer idiocy."
Trump told The Washington Post's Bob Woodward i
n a story published Saturday that the United States is headed for a "very massive recession,"
adding that "it’s a terrible time right now" to invest in the stock market.
If Stein and other economists are correct and Trump's prediction is wrong, it would not be the first time. Buzzfeed on Monday listed
seven times Trump has made economic forecasts that didn't pan out.
• In 1991, Trump told talk show host Joan Rivers, "You look at Japan, the way they've managed their economy, it's totally brilliant." The '90s became known as the Lost Decade in Japan after an asset bubble collapse that hurt the economy for at least the next 10 years.
• While considering a presidential run in 1999, Trump wrote in his book,"The America We Deserve"
that he expected an impending "economic disaster." "I hope I’m wrong, but I think we may be facing an economic crash like we’ve never seen before — probably sooner rather than later," he wrote. "The next president, or maybe the one we’ve got, could be in office for a stock market crash worse than the one in 1929. I’m not saying this crash will ruin us, but we have to anticipate it and know how to rebound."
• But Trump pulled back in 2001, when the United States was about to undergo a recession, telling Chris Matthews, "it seems to be a stock market recession. … I mean, the real estate market in New York has probably never been stronger. … I know a lot of friends of mine are just wiped out in the stock market, but real estate’s been very good."
• In 2005, Trump wrote on the blog for Trump University that the housing bubble would not burst as many were predicting. "As long as interest rates stay low and the dollar stays weak — which is an unfortunate situation, but it happens to be good for real estate — then there will be no burst in the current housing bubble. If interest rates go up precipitously and the dollar gets stronger, then there will be some reduction in housing prices."
• Trump launched Trump Mortgage in 2006, predicting "the real estate market is going to be very strong for a long time to come." When the housing market crashed the next year, Trump Mortgage went out of business.
• In 2011, Trump told Newsmax TV
he feared a loaf of bread might cost $25 if oil prices continued rising and the dollar kept losing value. "If you look at what’s happening with our food prices, they’re going through the roof. We could end up being another Egypt. … You could have riots in our streets also."
• Trump also began talking about another recession in late 2012:
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