Trump says he expects the economy to collapse in the next 12 months

(CNN) — Former President Donald Trump predicted that the US economy would “collapse” and he expected that to happen within the next year, before taking over the Oval Office if he wins a second term in November.

“When there is a crash, I hope it happens in the next 12 months because I don’t want to be Herbert Hoover. The only president, I don’t want to be Herbert Hoover,” Trump said in an interview broadcast this Monday on the right-wing platform Lindale TV.

The US stock market crashed in 1929 during former President Herbert Hoover’s first year in office, marking the beginning of the Great Depression.

The comments come as the leading contenders for the Republican nomination look to deliver their message on the economy — and their criticism of President Joe Biden — with less than a week left before the crucial Iowa caucuses.

Trump, who regularly attacks Biden over his economic policies, described the economy as “very fragile” in the interview and claimed he was “getting off the gas” of the Trump administration.

However, the December jobs report released Friday beat expectations for total monthly jobs, capping a year of labor market resilience that has boosted consumer spending and economic growth last year.

Treasury Secretary Janet Yellen defended the state of the economy in an interview with CNN on Friday.

“There has been a lot of pessimism about the economy which has really proven to be unwarranted. A year ago, most forecasters believed we would be headed for a recession. Obviously, that hasn’t happened,” Yellen said. “We have a good, strong labor market.”

In addition to avoiding a recession, the US stock market faced regional banking turmoil, the debt ceiling crisis and geopolitical tensions last year. The S&P 500 ended the year up 24%, the Dow Jones gained 14%, and the Nasdaq jumped 43%. Still, concerns about a recession remain on Wall Street, as do concerns about war in the Middle East. The election threatens to create market volatility, although history shows that the S&P 500 index rises during the fourth year of a presidential term.

CNN’s Alicia Wallace and Crystal Hur contributed to this report.