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US will experience very massive recession: Trump

Sunday, 03 April 2016 3:46 AM [ Last Update: Sunday, 03 April 2016 4:53 AM ]

"I think we're sitting on an economic bubble. A financial bubble," Donald Trump said in an interview with The Washington Post. (File photo)

Republican presidential front-runner Donald Trump has predicted that the United States will suffer a “very massive recession” in the future.

A combination of severe unemployment and an overvalued stock market, which the US is currently experiencing, will cause a recession in the country, Trump said in an interview with The Washington Post published on Saturday.

"I think we're sitting on an economic bubble. A financial bubble," the billionaire businessman said.

He noted that the unemployment rate is significantly higher than the five percent claimed by the US Bureau of Labor Statistics.

"We're not at 5 percent unemployment. We're at a number that's probably into the twenties if you look at the real number," he explained.

The official jobless figure is "statistically devised to make politicians - and in particular presidents - look good," he added.

Trump also said that investing in the stock market is risky as "it's a terrible time right now," casting doubt on the view of the US economy presented by many mainstream economists.

He promised to completely eliminate the more than $19 trillion national debt "over a period of eight years," using renegotiation of trade deals.

"I'm renegotiating all of our deals, the big trade deals that we're doing so badly on. With China, $505 billion this year in trade," he stated.

Trump has been able to attract blue-collar workers through occasionally blaming unemployment on the outsourcing of US jobs and facilities to countries such as China and Mexico.

His campaign has been marked by controversy from the beginning, with disparaging remarks about immigrants, Muslims and women.

He has been criticized by his both Democratic and Republican rivals as well as politicians like President Barack Obama himself who questioned Trump’s fitness for office for suggesting that the US and its allies should abandon constraints on the use of nuclear weapons.

In the past, Obama has not hesitated in censuring Trump’s divisive rhetoric on the campaign trail, but his criticism about the candidate’s stance on nuclear proliferation carried an extra edge because it involved an issue that Obama has made a central goal of his presidency.

During a CNN town hall event on Tuesday, Trump suggested that allowing Japan and South Korea to have nuclear weapons would save the US the cost of defending its East Asian allies.

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