Economist Art Laffer said Wednesday on Newsmax that President Joe Biden's proposal to keep oil in the U.S. for winter could create bigger problems down the line.
On "Rob Schmitt Tonight," the onetime adviser to former presidents Ronald Reagan and Donald Trump stressed that "free markets know how to solve problems ... and Biden doesn't.
"It's a generic problem when you start trying to control markets and making them do things they're not supposed to do. They're going to pop up with a problem here; you try to fix that one, and it's just like ... whack-a-mole," Laffer said.
"Just let markets clear," he continued. "Let people produce oil and energy. Take those price controls off and just let them go."
Laffer also commented on a series of layoffs from massive corporations, including Disney, Meta, Amazon and Twitter, stressing that there is a growing possibility of America's economic downturn getting worse.
"We've had a very bad first two quarters of this year. Negative, I would call it a recession. You can argue with the term," Laffer said. "The third quarter is 2.6% growth. I don't know what the fourth quarter is. But this has been a secular decline for the U.S. that is really very serious."
He added that it is unlikely "this will change course anytime soon," warning about the long-term effects of economic mismanagement in the U.S.
"We all understand we need regulation. We all understand we need government. We all understand we need taxes. But just do them right," Laffer said.
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