Washington: American Tycoon Donald Trump has said the United States is quickly losing its economic power to China, as it faces debt levels that ‘no one ever dreamt possible’.
Trump said China will soon be the biggest economic engine in the world while the U.S. grapples with nearly 17 trillion dollars in debt.
According to Newsmax, Trump’s comments are similar to statements he made last year during an appearance on Fox News’ ‘On the Record with Greta Van Susteren’.
In that interview, Trump said the United States is no longer a rich country, adding that ‘when you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others. We’re up to 16 trillion dollars in debt.’
He went on to point out that the downgrade of U.S. debt is inevitable.
According to the report, Trump also said that the official unemployment rate “isn’t a real number” and that the real figure is closer to 15 percent to 16 percent.
He even mentioned that some believe the unemployment rate to be as high as 21 percent.
While 15 percent to 16 percent unemployment, a looming credit downgrade, and ballooning debt are a bleak outlook for the United States, they are hardly as alarming as the scenario laid out by another economist, the report added.
First Published: Tuesday, April 9, 2013, 15:55