Richard Wolff who is an economist has made a prediction of there being a recession by the end of this year or it is going to at least happen by the year 2021.
Wolff is the believer of the Marxian ideologies related to economics has been critical of the ongoing capitalism and has argued that the economy has been long overdue for experiencing a major downturn from the perspectives historically and made a prediction that the longer the time taken by the crash to hit, the worse is its impact going to be on the world.
He said in aa recent interview that wherever the virtues of capitalism have settled in the last three centuries, there has been a downturn in every 4-7 years in each of the regions and every country.
On the basis of that and remembering that the biggest downturn came in the year 2008, the downturn is overdue and is bound to come.
Wolff has warned that the recession potentially may be a recipe for very severe problems in the economy as he pointed to a rise in the load of current debt.
He said that what we are presently seeing is a major combination of the accumulated levels of debt in association with the delay in the downturns and that he feels as a mixture is extremely volatile.
The deficits overall have seen a major rise during the tenure of the Trump administration and the majority of these have been owing to the signature of the president on the tax-cut law of 2017 and also the agreements which have been there on the spending of domestic and defense programs.
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