Published: Tue, July 23, 2019
Markets | By Otis Pena

Warren Warns Of ‘Coming Economic Crash,’ CNN Warns Warren Could Trigger It

Warren Warns Of ‘Coming Economic Crash,’ CNN Warns Warren Could Trigger It

Warren highlighted climbing student, auto, and overall household debt as one of the biggest risks to the economy. I see a precarious economy that is built on debt-both household debt and corporate debt-and that is vulnerable to shocks.

"Now I'm seeing serious warning signs in the economy again - and I'm calling on regulators and Congress to act before another crisis costs America's families their homes, jobs, and savings".

Lastly, the Democratic candidate criticized President Trump as she addressed the manufacturing recession while brandishing her "Green Manufacturing plan" to invest $2 trillion in green research, manufacturing and exporting over the next decade.

"I see a number of serious shocks on the horizon that could cause our economy's shaky foundation to crumble", the United States lawmaker added.

Warren said household and corporate debts are high and manufacturing is in a recession, and the federal government is expected to reach its debt ceiling again as early as September. She warned that an increase in interest rates could "plunge families over a cliff".

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In forecasting an imminent economic downturn, Warren boasted that she had issued warnings of an economic crash years before the severe recession that took hold in 2008, "but the people in power wouldn't listen". "Congress and regulators should act immediately to tamp down these threats before it's too late", the Senator from MA said in a blog post.

She also proposed tackling corporate debt by monitoring and reducing leveraged lending, which she compared to the surge in subprime mortgages that nearly took down the banking system in 2008.

Her plan also consists of other policies and proposals tailored to helping the "working people", including largely eliminating student debt, strengthening unions, raising minimum wage to $15 per hour and many more initiatives.

"The Apollo 11 mission is a ideal reminder that if we dream big enough, fight hard enough, and invest in American ingenuity, we can accomplish incredible things", she tweeted after promoting her "Green Manufacturing Plan". She also asks to strengthen manufacturing and limit potential shocks to the economy.

Moving forward, it doesn't seem like the Trump administration will adhere to any of these proposed changes, but nonetheless it gives Warren a topic to speak on during her Democratic primary campaign, especially with the second round of primary debates set for July 30 and 31.

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