If it was just inflation affecting the United States, that would be "manageable," but instead a "stagflation" problem like the one that hit the nation in the 1970s is occurring under President Joe Biden, former White House trade adviser Peter Navarro told Newsmax on Saturday.
Federal Reserve Chairman Jerome Powell is "printing money," Navarro told "The Count." "That's driving us to what we call demand-pull inflation. But then at the same time, we have the pandemic, coupled with the effects of the Biden administration cracking down on fossil fuels, giving us what's called cost-push inflation."
But during the Trump administration, "we were the Saudi Arabia of natural gas," Navarro said. "One of the great triumphs of President [Donald] Trump was strategic dominance. The energy sector had the ability to export petroleum for the first time in 50 years."
Now, under Biden, energy prices are going up quickly, which also drives up food prices.
"Meanwhile the supply chain is absolutely in tatters," Navarro said. "When I was in the White House with President Trump it was to buy American, hire American, bring out manufacturing onshore. When you do that, you bring the supply chains onshore and you eliminate that risk of interdiction that we have now when the corporations love to offshore jobs."
Further, Biden's COVID-19 vaccine mandates are making labor shortages grow, as vital people such as members of the military, truck drivers, pilots, and more are walking away from their jobs, Navarro warned.
There are some remedies, such as lawmakers saying no to more spending.
"They want to do this $3.5 trillion reconciliation bill," Navarro said. "No, not a dime for that. No compromise on that. No, no, no to that fake infrastructure deal. Another trillion. We can't afford it."
Navarro also railed about Transportation Secretary Pete Buttigieg, who has come under fire for remaining on paternity leave while the supply chain shortage is tightening.
"It would be nice if the secretary of Transportation would come back from his paternity leave and go back to work solving critical problems," Navarro demanded. "When I was at the White House it was a 24-hour-a-day, 7-day-a-week mission.
"We are in the middle of a pandemic in the worst economic crisis we've had since the 1970s and we've got some guy sitting at home, taking family pictures and putting them on Facebook.
"This is the Biden regime. They have no clue how to how to tackle any kind of crisis."
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