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economictimes.indiatimes.com / 1 year ago
Brace for Impact? Economist who predicted one of the biggest crashes in history says immigrant deportations could trigger a faster recession, and Donald Trump will be solely responsible
Harry Dent, who famously foretold one of the largest financial crashes in history, is sounding the alarm on the possible consequences of president Donald Trump's hardline immigration policies, as per a report.
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Mass deportations: A threat to economic stability?
Dent, a veteran critic of the country's economic trajectory, opines that mass deportations of immigrants could drive the economy into recession far earlier than anticipated, as per Fox Business.
He contends that while it is a legitimate concern to decrease illegal immigration, returning millions of workers who have been contributing to the economy for years to their countries of origin could have disastrous effects, as per the report. He said that «to ship people back that are already here in the workforce, contribute to the economy and think it's not going to be felt, it will be,» as quoted by Fox Business.
Potential drop in GDP
Dent also mentioned that sending illegal immigrants would «probably reduce gross domestic product by 1% to 1.5% right there,» as quoted in the report. He also emphasized that «It only takes a 2%, 3%, 4% drop in GDP to literally throw you physically into recession. So I’m just saying… it's a bit ill-timed… a big trigger,» as quoted in the Fox Business report.
Deportations already on the rise
Trump's government has already increased deportation activities and close to
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