Conservative David Stockman, a former Republican congressman who also served as the Director of the Office of Management and Budget under former President Ronald Reagan, believes that President Donald Trump’s time in office is going to come to a crashing end in the near future.
During an interview with MSNBC’s Mika Brzezinski on Monday, Stockman said that multiple warning signs were flashing on the state of the American economy, which he said was in the last stages of a long economic expansion.
“He keeps bragging about the greatest economy ever,” Stockman said. “We’re near the end of a weak, long expansion cycle that’s headed for the next recession.”
Stockman went on to call the brief spurt in growth during the president’s first two years “a temporary blip” fueled by corporate tax cuts, and he predicting things would come crashing back down this year.
“There’s been no boom,” he said. “There’s a recession coming. He’s made it worse with the worst tax cut in modern history and a fiscal policy that is truly an abomination.”
Stockman then recalled how changing economic fortunes helped hasten the political demise of former President Richard Nixon in the 1970s.
“Nixon was riding high when he won in ’73,” he said. “The market dropped by 37% during the next 18 months. In August 1974, they put him on the Dick Nixon memorial helicopter and sent him out of town. I think that’s where things are heading.”
Watch the video below.