In a Monday interview with MSNBC’s Mike Brzezinski, former Republican congressman David Stockman pointed to multiple warning signs in the current state of the economy and predicted that Donald Trump’s presidency is about to come to a crashing halt.
“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.”
While Stockman then went on giving credit to Trump for his first two years, which he labeled “a temporary blip” fueled by corporate tax cuts, he quickly shifted gears, predicting this year would not be so praiseworthy.
“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 highlighted how changing economic fortunes also led to the political demise of former President Richard Nixon.
“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.”
You can watch the full interview below: