- President Donald Trump has warned that a Democratic victory in the 2026 midterms could send the U.S. into a 1929-style depression, but economist Peter Schiff argues an economic downturn could arrive regardless of which party controls Congress. Trump Warns Of 1929-Style Depression Trump made the warning while promoting his pledge to give every adult American $5,000 if Republicans retain control of the House and Senate. "If the Democrats win, you will have an economic depression much like 1929," Trump said in a video posted to Truth Social on Saturday. He also argued that Republican control would allow the administration to return money to Americans, citing record tariff revenue and economic gains. Trump has estimated the proposed "Trump dividend" would cost about $1 trillion. Peter Schiff Challenges Trump's Economic Warning On Monday, Schiff pushed back on the president's prediction, arguing that a potential depression should not automatically be attributed to the midterms' outcome. "Trump predicts a 1929-style depression if the Democrats win the midterms," Schiff wrote on X. "If he's right, it's only because a depression is coming regardless of the outcome." Schiff added that Trump's prediction could provide a political explanation for future economic problems, saying the "forecast enables him to blame Congress for every problem that follows the election." #breakingnews #trump #greatdepression Learn More: https://www.thegatewaypundit.com/2026/10/trump-predicts-depression-likes-which-weve-never-seen/ https://www.yahoo.com/news/politics/articles/trump-says-democrats-could-bring-110020771.html Your Support of Independent Media Is Appreciated. https://www.buymeacoffee.com/DAHBOO7 https://www.paypal.com/paypalme/dahboo7 Socials- Official TikTok- https://www.tiktok.com/@dahboo777?is_from_webapp=1&sender_device=pc Rumble- https://rumble.com/c/DAHBOO7 Instagram- https://www.instagram.com/dahboo7 Surviving End Times - https://www.youtube.com/Dahboo77