President Donald Trump has warned the American people they will be facing a grim economic outlook if Democrat presidential nominee Kamala Harris wins the election in November.
Trump issued the warning during his Fox News town hall on Wednesday.
He said America will fall into an economic depression if Vice President Harris wins the general election.
“This country will end up in a depression if she becomes president,” Trump said from the New Holland Arena in Harrisburg, Pennsylvania.
“Like 1929, this will be a 1929 depression.
“She has no idea what the hell she’s doing.
“I gave you the biggest tax cuts in the history of our country.
“If you let them. If you let the Trump tax cuts expire, which she wants to do, she wants to terminate them,” Trump argued of Harris’s radical economic agenda.
“If you do that, you will suffer the biggest tax increase in history.
“There’s never been a tax increase like it, on top of which she wants to add a lot of tax.”
Trump joined Fox News anchor Sean Hannity for the town hall on Wednesday evening.
The 45th president spoke about top voter concerns, including the economy and ongoing inflation woes.
Harris proposed a 28% tax on long-term capital gains on Wednesday for households pulling in an annual income of $1 million per year.
“What if unrealized capital gains taxes were implemented, what would that do?” Hannity asked Trump following the Harris campaign’s announcement.
“She wants to do that,” Trump responded.
“This is where you have something, you don’t even know what the value is.
“I tell you what, if that’s going to happen, go out and open an appraisal company because you’re going to make a fortune.
“That’s about the only group that’s going to make it.
“And accountants, it is the craziest* idea.
“And remember this, very rich people and big international corporations, they don’t have to stay in the United States, and they will be forced to leave for other countries.
“They can’t afford to do a thing like that,” Trump noted.
“They may have great wealth and no cash, and they’re going to have to pay cash.
“Where are they going to get the cash?
“If they do that, the unrealized capital gain, it’s, you know, it’s been talked about for a few years by ultra-left Marxists,” he continued.
Trump then accurately noted that Harris’s father is a Marxist economist.
“Her father’s a Marxist teacher of economics. Can you believe this?” Trump said.
“But if that happened, this country and I think forgetting about that … she’s got a lot of things that are just as bad.
“If she gets in, I think we will have a depression, 1929-style depression.
“That’s what I think will happen to our country already.
“They’ve set us on a path,” he said.
Harris’s father, Donald J. Harris, who coincidentally shares the same first name as Trump, is a retired Stanford University professor of economics.
His economic background is steeped in Marxist theory.
The Economist described Donald J. Harris this year as a “combative Marxist economist.”
Trump also brushed off Harris characterizing crippling inflation as “price gouging” and her vow to install price controls on companies to combat the issue if elected to the Oval Office.
“Every time it’s been tried, no matter over hundreds of years, not just over hundreds of years, price controls, you end up with no product,” Trump said.
“You end up with massive inflation, and you end up with [destruction].”
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