Trump Warns Biden's Policies Could Push US into Recession

Former US President Donald Trump has warned that current President Joe Biden's policies could push US into an economic recession, Newsweek magazine reported.

Trump made the statement during a "Save America" rally in Prescott Valley, Arizona.

The former president said that the US is experiencing the highest inflation rate in decades that could lead to a state of "stagflation" like what happened in the seventies - high inflation with high unemployment rates and stagnation in purchasing.

In this case, a depression similar to the Great Depression of 1929 to 1939 may occur, according to Trump.

Earlier, the US Treasury Secretary Janet Yellen said that the inflation rate is unacceptably high due to the Ukraine war.

In press remarks, the US Treasury Secretary added that the causes of inflation in the United States of America are global, not local, expecting a slowdown in economic growth.

Moreover, Yellen made it clear that she does not rule out an economic recession, noting that the US labor market is still very strong, and US President Joe Biden is reviewing the tariff policy on China.

“We do not expect the causes of inflation to end soon, and we expect the pace of inflation to decline gradually over the coming months, and a recession in the United States is not inevitable,” she continued.

It is worth mentioing that, Biden stressed that fighting inflation is the “top economic priority.”

CNN stated that this statement came in response to the release of the Consumer Price Index report, which revealed the persistence of high inflation in the United States.

Biden indicated that the continued rise in prices is attributed to the current Russian-Ukrainian crisis, describing the Russian attack as “unjustified.”