Peter Navarro on Newsmax: White House 'Has No Clue About Basic Economics' (Newsmax's "Cortes & Pellegrino")
By Eric Mack | Tuesday, 21 December 2021 09:55 PM
Lack of confidence in the economy and the "Biden-inflicted wound" of rising energy prices shocking inflation to dangerous highs are raising the "misery index" for Americans, according to former White House trade adviser Peter Navarro on Newsmax.
"These people in the Biden White House have no clue about basic economics, and right now you need a clue about advanced economics because this stuff is complicated," Navarro told co-hosts Jenn Pellegrino and Mercedes Schlapp on Tuesday.
Biden "is the stagflation grinch that is stealing Christmas," and delivering "one lie after another lie and the American public's not buying" the Biden messaging on the economy, Navarro added.
"The misery index already has hit 20%: That's Joe Biden's America; that's the 1970s," Navarro said, pointing to a sign behind him during his appearance that read "high food prices eat up our wages.
"Guess what: wages are continuing to creep up a little bit in what we call nominal terms, but when you adjust them for inflation real wages are going down.
"So people understand this. I mean, the polls indicate that nobody's happy with the direction of the economy. And by the way, it wasn't just Thanksgiving that costs a lot more. It's going to be Christmas as well, with a lot fewer toys under the trees."
Navarro, who wrote "In Trump Time: My Journal of America's Plague Year," also blasted the Biden administration for promising to "shut down the virus" but failing to deliver.
"There's a great desperation in the Democrat air," he continued. "I mean, they know that the 100-year flood is going to come in 2022. It's going to be 100 seats for 100 years for the Republicans.
"In terms of ruling, the Democrats have clicked completely discredited themselves. They know that it's coming. They're desperate now, and, oh, by the way, that pandemic which they blamed the president for and now they had ownership for a year, guess what? It's worse than ever and more people have died on their watch."
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