Trump says he expects the economy to collapse in the next 12 months

(CNN) — Former President Donald Trump predicted the US economy would “collapse” and said he expected it to happen in the next year, before assuming the Oval Office if he wins a second term in November.

“When there’s an accident, I hope it happens in the next 12 months because I don’t want to be Herbert Hoover. The only president, I don’t want to be Herbert Hoover,” Trump said in an interview aired on the right-wing platform Lindell TV this Monday. .

In 1929, the American stock market crashed during former President Herbert Hoover’s first year in office, marking the beginning of the Great Depression.

The comments come as the front-runner for the Republican nomination seeks to deliver his message on the economy — and criticism of President Joe Biden — with less than a week to go before the crucial Iowa caucuses.

Trump, who regularly attacks Biden over his economic policies, called the economy “very fragile” in the interview and claimed he was “getting rid of the gas” of the Trump administration.

However, the December jobs report released on Friday beat expectations for overall monthly jobs, marking a year of labor market resilience that has boosted consumer spending and economic growth over the past year.

Treasury Secretary Janet Yellen defended the state of the economy in an interview with CNN on Friday.

“There is a lot of pessimism about the economy that has turned out to be really unwarranted. A year ago, most forecasters believed we would be in a recession. Obviously, that hasn’t happened,” Yellen said, adding: “We have a good, strong labor market.”

In addition to avoiding recession, the US stock market last year weathered regional banking turmoil, the debt ceiling crisis and geopolitical tensions. The S&P 500 finished the year up 24%, the Dow Jones gained 14%, and the Nasdaq rose 43%. Still, concerns about a recession persist on Wall Street, as do worries about war in the Middle East. The election threatens to create market volatility, although history shows that the S&P 500 index rises during the fourth year of a presidential term.

CNN’s Alicia Wallace and Crystal Hare contributed to this report.