Things are not that good.
This weekend, respected business leader and leading GOP Presidential Candidate, Donald Trump, warned that the US is heading into a "very massive recession" and that "a combination of high unemployment and an overvalued stock market had set the stage for another economic slump. I think we’re sitting on an economic bubble. A financial bubble," the billionaire businessman said in an interview with The Washington Post published on Saturday. The Donald says unemployment is much higher than 5% and the Government is lying to us.
"We’re at an (unemployment) number that’s probably into the twenties if you look at the real number,” he said, adding that the official jobless figure is "statistically devised to make politicians — and in particular presidents — look good." Trump said “it’s a terrible time right now” to invest in the stock market."
Don't forget, whether you agree with him or not, 50% of Republican voters do and that's about 70M of our fellow Americans who believe we are heading into a VERY MASSIVE Recession – that's going to put somewhat of a damper on their long-term outlook and likely to affect their spending patterns. Even worse, Stan Druckenmiller of Soros' Quantum Fund, one of the most successful hedge funds of all time (now closed/private) agrees with my Friday post and says:
"When I look at the current picture of expected tax revenues combined with benefits promised to future generations,this is the most unsustainable situation I have seen ever in my career."