President Trump's senior trade adviser, Peter Navarro, said Wednesday that the United States is a “difficult transition from bidenomics to Trumpnomics.”
“We understand, what is the overall picture of the economy from the administration?” host Will Cain asked on his Fox News show.
In his response, Navarro said, “Look at one end of the telescope and see how inflation has dropped, as if we were to observe correctly through today's data. [to its] It's the lowest level in almost four years. ”
“It's huge,” Navarro continued. “Purses fell, mortgage rates fell, grocery prices were flat. Here we are, we are – this difficult transition from bidenomics to Trumpnomics.”
“What is that, do you get it? Bidenomics is a combination of highly offensive Keynes's stimulating spending that has been spent on the economy and creating a massive amount of debt, and it's unsustainable. So, [at] “If it's the same thing that gave us what we call demand-pull inflation, it's been chasing too much money and it's built into the recession and perhaps that spending wasn't under control, it's going the way for a while,” he added.
In an interview aired Tuesday, Commerce Secretary Howard Lutnick said Trump's tariff policies are valuable even when the economy is experiencing a recession.
“The only reason there may be a recession is because of the Biden nonsense we had to live with,” Runtic said in an interview.
Stock markets on Monday began the week with dramatic losses, with Dow Jones Industrial Arage falling 2.1% with a loss of 890 points.
In an editorial released Monday, the Wall Street Journal predicted a full-scale economic recession could come following the troubles in the stock market that day.
“Stock prices have been valued richly for a while, but this could be just a market correction. But there are also signs that the economy, which should be wary of the Trump administration, will slow down,” the Journal said. The editorial committee wrote.
