U.S. President Joe Biden delivers remarks on the U.S. economy and his administration’s effort to revive American manufacturing, during his visit in Flex LTD, in West Columbia, South Carolina, July 6, 2023.
Jonathan Ernst | Reuters
The White House took aim at former President Donald Trump after the Republican presidential candidate front-runner said he hoped the economy would crash this year rather than during his theoretical second term.
“A commander in chief’s duty is to always put the American people first; never to hope that hard-working families suffer economic pain for their own political benefit,” White House spokesman Andrew Bates said in a statement Tuesday.
In an interview that aired Monday on the right-wing video platform Lindell TV, Trump said, “When there’s a crash, I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover.”
Within the first year of Hoover’s presidency in 1929, the U.S. stock market experienced a devastating crash that evolved into the Great Depression, the longest and most scarring economic decline in American history. The depression spanned all of Hoover’s presidency, staining his legacy with the wounds of the recession. For example, homeless encampments that sprawled during the Great Depression came to be known as Hoovervilles.
Economists have forecast economic slowing in 2024, but consensus has not gone so far as to cry recession. Last year, recession predictions stoked fear among the public but never came to fruition. A recession is often defined as two consecutive quarters of negative gross domestic product, or GDP, and employment and production data may show signals.
Though a full-blown recession did not take shape in 2023, the economy did experience strain that was visible in waves of layoffs and record inflation. Over the past couple of months, data has shown promising signs of recovery.
“Republican officials should welcome the economic progress President Biden is delivering, instead of revealing…
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