Congress is promising more and more trillions in spending and the Federal Reserve is building up an "inflation tsunami," showing no sense of history or economic literacy, former White House trade adviser Peter Navarro told Newsmax.
"This is the most catastrophic piece of legislation that I have ever seen in my lifetime that they are about to foist on the American public," Navarro said Wednesday on "Eric Bolling: The Balance," referring to the Senate's $3.5 trillion budget reconciliation spending plan.
"It's not just Congress that's screwing things up," he told guest host Carl Higbie. "That Federal Reserve is printing money. ...
"These people don't have any sense of history. They don't have any economic literacy. You can see I'm hot on this."
Navarro is hoping a moderate Democrat in the Senate such as Sen. Joe Manchin of West Virginia will keep the reconciliation bill from getting the 50th vote.
"Maybe Manchin will save us in West Virginia when the votes are finally counted, but somebody's got to step up," Navarro said.
Despite some promising news that the economic indicators are improving amid the global coronavirus pandemic, Navarro said the short-term gain will ultimately give way to long-term pain.
"There's no decent good news on the economy as far as I can see with respect to the inflation tsunami that's coming at us," Navarro continued.
"The misery index that Ronald Reagan talked about which got him elected is going to come back to us with a vengeance here. So, whatever might come out on a daily basis is dwarfed by the plummeting consumer confidence, the activities at the Federal Reserve."
There is no stopping inflation by passing more trillions in spending measures and printing more money to bail out the Democrats' plans, he said.
"We have the worst inflation since the 1970s and these SOBs on Capitol Hill, they're like in the ballroom of the Titanic just whistling and singing on," Navarro said of Democrats in Congress.
"This is going to break the bank in Monte Carlo and the Federal Reserve and everywhere in between, Carl. This is just insanity."
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