Vivek Ramaswamy talks China, 9/11, war, economic collapse and LGBT ideology

By Ryan Foley, Christian Post Reporter Monday, August 21, 2023

The next 'major economic downturn'

Ramaswamy identified himself as "quite concerned" about the economic situation the U.S. currently finds itself in.

"We're on the cusp of a major economic downturn next year," he said. "We live under conditions of a deeply inverted yield curve."

"The interest rates on short-term bonds are significantly higher than they are on long run bonds and every time that that's happened in the last 40 years, that has predicted a recession that followed in the year or so that came later."

Ramaswamy contends that the U.S. is currently in "the calm before the storm," highlighting President Joe Biden's promotion of low unemployment numbers as an example of the success of his economic policies.

"That misses the point that we have a deeper structural deficiency where our real problem is there are twice as many jobs open as there are people looking for work," he said.

"People have stopped looking for work," he claimed. "People are being paid more or have been habituated more to staying at home than to go to work."

"People also don't have the skill sets required to actually show up to work because they have four-year college degrees that were subsidized by the U.S. Department of Education without actually having the skill sets that many employers badly need in order to grow their business, whether it's a big business or a small [business]."

Ramaswamy pushed back on the idea that "the rate of inflation is coming down," insisting that "inflation's cumulative." He stressed that "things are still 16, 20% more expensive than they were in 2020 and wages have not gone up in the same way over the same period."

The candidate warned that economic collapse could have a "destructive" effect on the social fabric of the U.S.