Breitbart economics editor John Carney said Wednesday on Fox Business Network’s “Kudlow” that “overspending by the federal government” under the Biden administration, not tariffs imposed by former President Donald Trump, is driving inflation. He said he caused it.
“President Trump could raise tariffs or use tariffs as a way to force reciprocity, so they’re all up in arms saying tariffs cause inflation, but you Are you saying that won’t happen?”
Carney said, “We didn’t cause inflation. Last time Trump was president, they screamed about inflation, but we didn’t know about it. It just didn’t happen. I look at these numbers every month. I tracked it and the only thing I found that prices were increasing for everything you could imagine was bikes. This may have actually been a metals as tariff phenomenon, but most of them. In fact, under the Biden administration, inflation occurred.In other words, it wasn’t the Fed’s overly accommodative monetary policy that caused the inflation. It was overspending.”
He added, “By the way, economists, if you really track down the economists and make them tell the truth, they’ll say that tariffs can’t cause inflation unless the income of the domestic population goes up. Where will the additional purchasing power come from to support higher price levels?”
Mr. Carney added, “A lot of manufacturing actually moved out of China, and China suffered.” According to a report in the Wall Street Journal, these tariffs make China as vulnerable to three types of manufacturing as the United States. It is said that he suffered damage.”
Follow Pam Key on Twitter @pamkeyNEN
