An economics expert, author and former financial adviser to President Donald Trump told Newsmax on Monday that the nation's economic policies are ''leading down a road of financial ruin.
'' ''The idea that we can spend trillions and trillions and trillions of dollars, and shame on the moderate so-called 'RINO' Republicans, the Romneys of this world who are going along with this spending, knowing full well that it's going to lead down the road to financial ruin,'' Peter Navarro said on ''The Balance.
Navarro holds a doctorate in economics from Harvard University and is professor emeritus of economics and public policy at the University of California, Irvine, where he taught for more than 20 years.
Navarro said the policies of President Joe Biden's administration, as the Senate gets ready to debate $1.2 trillion in infrastructure spending and $3.5 trillion in a budget reconciliation bill that could pass the chamber without any Republican support, is going to make the recent increases in inflation even worse.
''What Biden is doing is appropriating trillions and trillions of dollars.
Navarro also said that the nation needs to wean itself from financial dependence on China, which owns a massive amount of the country's $28 trillion debt and may end up owning more if the debt increases with the new proposed spending.
''China can destabilize our bond markets and stock markets simply by dumping some of those bonds onto those markets,'' he said.
https://www.newsmax.com/newsmax-tv/navarro-money-economy-china/2021/08/02/id/1030886/
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