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Reagan-era U.S. budget director David Stockman (pictured) has accused Donald Trump of waging ‘four wars’ on the economy

A former U.S. budget director under Ronald Reagan has called President Donald Trump an ‘unhinged madman’ and accused him of waging ‘four wars’ on the American economy.

David Stockman, who also served as a Republican member of Congress, said Trump was undermining the economy and was ‘not going to make it great again’.

The 72-year-old identified trade, the Mexican border dispute, attacks on the Federal Reserve and rising national debt as the four economic flashpoints which Trump had brought about.

Rejecting Trump’s claim of a ‘national emergency’ on the southern border he said the country ‘needs immigrant labor’ and condemned what he called a ‘silly battle’.

Speaking to Yahoo, he said: ‘We have a delusional, unhinged madman in the Oval Office, and anything is possible.

‘He’s conducting four wars on the American economy, and it’s not going to make it great again.’

Discussing the ‘trade war’, he said rising tariffs on China and Europe were a ‘war on consumers’ and had increased prices.

He said the Mexican border crisis was a ‘border war on immigrant labor’ and said migrants were needed to make up for a shrinking domestic labor force.

‘We need immigrant labor. We shouldn’t be having a, you know, silly battle over a wall in a border where there isn’t a crisis,’ said Stockman.

He also accused Trump of conducting a ‘political war’ on Federal Reserve bosses, discouraging them from raising interest rates.

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Stockman said President Trump, pictured at the White House last week, was undermining the economy and was ‘not going to make it great again’

The President recently said that ‘the only problem our economy has is the Fed’ and accused them of ‘not having a feel for the market’.

Stockman’s fourth crisis was a rising national debt – currently $22trillion – which he described as a ‘war on the nation’s solvency’.

Trump blamed his predecessor Barack Obama for a rising national debt but it has continued to grow under his presidency.

Stockman was director of the Office of Management and Budget from 1981 to 1985 and was a key ally in Reagan’s economic reforms.

He had previously been a U.S. House member from Michigan between 1977 and 1981, when Reagan took office.

Stockman recently published the book Peak Trump: The Undrainable Swamp And The Fantasy Of MAGA.