Trump: I Will Eliminate US Debt in 8 Years
TEHRAN (Tasnim) – US presidential hopeful Donald Trump promised to get rid of the country's $19 trillion national debt in eight years and warned US citizens against investing in the stock market now.
US Republican presidential candidate Donald Trump believes a situation, in which prices for securities, especially stocks, rise far above their actual value, is a financial or economic bubble which has developed in the US economy, putting the country at risk of slipping into "a massive recession."
"I think we’re sitting on an economic bubble. A financial bubble," Trump told in an interview with Washington Post cited by Sputnik News.
He, however, specified that this phenomenon concerned not a certain sector of economy, but the economy at large.
Trump asserted that he would be able to get rid of the country’s more than $19 trillion national debt "over a period of eight years" by a renegotiation of trade deals.
Eliminating that amount of debt in eight years is highly impossible, according to most economists. It could require using $2 trillion a year from the annual $4 trillion budget to pay off holders of the debt.
He also warned US citizens against investing in the stock market right now.