Peter Navarro, Trump administration senior counselor for trade and manufacturing, told Newsmax on Thursday that the latest economic report shows President Donald Trump is turning the economy around.
U.S. inflation decelerated unexpectedly last month, the Labor Department said in a report released Thursday.
The Labor Department said its consumer price index (CPI) was up 2.7% from November of last year.
Consumer prices had risen 3% in September from a year earlier, and forecasters had expected the November CPI to match that year-over-year increase.
Navarro said 61 economists surveyed by Bloomberg were wrong about what the inflation rate would be under Trump.
"I'm having déjà vu from the first term," Navarro said on "Carl Higbie FRONTLINE."
Navarro praised Trump for cutting taxes, deregulating industries, and allowing for more oil drilling.
"We're putting tariffs on to bring jobs home," Navarro said. "We're telling everybody the economy is going to grow fast and take inflation down. Nobody's believing us. And then it happens."
"Four years later, it was all done beautifully, tied up in a bow," Navarro added, talking about Trump's first term. "And now we're doing it again with the boss at the helm. And they're not believing us again."
Navarro blasted the Federal Reserve for refusing to lower interest rates, noting that now the median age for people buying their first home is in their 40s when it used to be by the time they were 30.
He also pointed out 20 million illegal aliens came into the country under former President Joe Biden, which led to a 20% increase in housing costs.
"Most of those illegal aliens went into blue states and where the sanctuary cities are," Navarro said. "So places like New York and Chicago, they're looking at 30-40% increase in housing costs because of illegal immigration pushed by the Democrats."
"And then the Democrats say it's our fault," Navarro added.
Navarro said the administration has made it a priority to bring inflation down in all sectors of the economy.
"We are full spectrum hitting it with a strategy going sector by sector," Navarro said. "And we are getting this thing done."
The Associated Press contributed to this report.
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Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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