Donald Trump: U.S. stock market is in a ‘big, fat, juicy bubble’
Donald Trump, the billionaire real estate mogul and Republican frontunner, isn’t right on a whole lot of policies. But he’s spot on when it comes to the United States economy and the volatile bubble stock market.
Speaking in an interview with CNBC, the 2016 presidential candidate averred that the U.S. is in another recession and the “bubble” stock market is a result of President Obama’s failed economic policies.
“I hope I’m wrong, but I think we’re in a big, fat, juicy bubble,” the Republican presidential candidate told the business news network.
A lot of people celebrated when the January jobs report came out last week, but Trump called it a “phony deal.” The reason he labeled the report that way is because the headline jobless numbers omitted those who have stopped looking for work.
Despite his constant criticisms of the president, Trump agreed with him on limiting corporations from keeping their money overseas. One way he would tackle corporate tax inversion – when firms report an acquisition and then change their tax address to pay lower rates – is to cut taxes.
“We have to keep our companies here,” Trump said.
“I would cut taxes very substantially. Because we’re losing our companies, they’re moving out and leaving jobs behind by the thousands,” he said, adding that the likes of China, Japan and Ireland are also to blame.
“We’re the highest taxed nation in the world or very close. I would do a large tax cut for business and middle class and we have to keep our companies here. I would try to get the trillions of dollars outside of the country, I would get it back in.”
Trump also reiterated his proposed 45 percent tariff on Chinese exports to the U.S. He claimed the policy would help because “it’s impossible for our businesses to compete.”
On Tuesday, New Hampshire voters head to the polls. The latest numbers suggest Trump will have an overwhelming victory. But who will win second place is anyone’s guess. The second spot is statistically tied between Jeb Bush, Marco Rubio, Ted Cruz and John Kasich.
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