Economist Art Laffer, an adviser to former President Ronald Reagan, told Newsmax on Wednesday that he "doubts it very much" that the U.S. will enter a recession by the end of 2022, but "it could be really fast and oncoming."
Laffer said on "The Chris Salcedo Show" that the Federal Reserve should raise interest rates to "10, 11, 12%," but believes "there's no chance the Fed will raise interest rates up to the levels they should be raised in order to stop this inflation."
"My worry is much more, Chris: that we're going to have inflation, it's going to continue and it's going to get worse. That's really my fear," Laffer warned.
The economist also commented on the spike in oil and gasoline prices. He rejected the idea that Democrats are consciously seeking foreign energy dependence, attributing the war on fossil fuels instead to the left's green energy agenda.
"I think they're just hating oil. They hate fossil fuels and total coal, oil, any of these things they hate. And what they're trying to do happens to fall into the bailiwick of [Russian President Vladimir] Putin and Russian production of oil and energy," Laffer said.
"This does fit very much into the Russian agenda, but I don't think there's any conspiracy here between American clean energy ... policies and the Russian attempt to get higher oil prices," he added.
Laffer aired his belief that "people deserve the government's they get" when discussing the Biden administration's policies amid skyrocketing inflation, saying, "The one way Americans can protect themselves, and it's one simple way, is vote these guys out in November."
"Vote the whole lot out. The Democrats in the House and in the Senate have been unanimous in their support of anti-energy production policies here in the U.S.," he added.
"So, if they don't do that ... you're going to get a lot worse now. Oil prices get up. Gas prices get up to $8, $9, $10 a gallon. You're going to have real problems across the whole U.S. structure, and it will lead to something very much like a recession."
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