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Nearly two-thirds of U.S. economists agree the country is heading for an economic downturn. AP reported that 74%, of U.S. business economists are specifically concerned about the risks of some of President Donald Trump’s economic policies, expecting a recession by the end of 2021.
One columnist analyzed key trends preceding the last four major recessions and sounded the alarm for California based on present similarities.
President Trump spent a week vacillating between veiled threats of a guaranteed recession unless voters re-elect him in 2020 and outright denial that anything is wrong.
“You have no choice but to vote for me,” Trump said at a New Hampshire rally last week. If he loses, he said, “your 401(k)’s down the tubes, everything’s gonna be down the tubes. … So, whether you love me or hate me, you gotta vote for me.”
On Sunday he changed his tune: “I don’t think we’re having a recession.”
Then, acceptance, as the Washington Post reported Monday that senior White House officials discussed the possibility of a temporary payroll tax cut in an effort to boost the economy in the face of a potential slowdown.
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