Former White House trade adviser Peter Navarro told Newsmax on Saturday that 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.
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.”