Inflation in the United States continues to grow and cause more crises in the lives of everyday Americans.
For months now, the Federal Reserve’s been claiming that its interest rate hikes will bring down inflation. Yet, just last month, inflation jumped to 8.6%. There have been no real indicators in the economy of lowering inflation, despite multiple interest rate hikes from the Federal Reserve.
In spite of inflation, the White House continues pushing for more spending, while also saying high prices are due to a supposed “Putin price hike.”
Now, one of former President Trump’s previous advisers is sending out a dire warning about inflation in America.
The Latest From Peter Navarro
During a Monday interview with Newsmax, the former Trump adviser explained how recent costs of building a home indicate America’s heading back to 1970s inflation levels.
Today, the cost of building a home has jumped by 10%. Navarro warns that America’s heading towards times when people had gas stolen from their tanks and had to deal with an embargo on oil.
With the rise of interest rates, Navarro continued, people purchasing homes are trying to get everything settled as quickly as possible ahead of even higher interest rates.
President Biden’s inflation is hurting American parents.
Under his administration, baby formula is harder to find and now baby food is harder to afford. pic.twitter.com/T4XbtHP7ro
— John Kennedy (@SenJohnKennedy) June 28, 2022
With the current pace of growing interest rates, the former Trump adviser even said a “death rattle” is what the country has to look forward to.
During the 1970s, gas rationing, high unemployment, and general uncertainty created a lot of stress and hardship. Unfortunately, these predictions from Navarro are on par with economists who say a US recession is coming within the next year or so.
More Dark Predictions
Trump’s former adviser isn’t the only one who has bad predictions about what’s to come for the US economy.
Earlier this month, the World Bank warned that under Biden, productivity rates could sink as low as 2.9% before 2023. Under such a low rate, the economy will stall dramatically, only further paving the way to a recession.
Joe Biden said inflation was an upper-class problem. That was a lie. Inflation is affecting Americans of all walks of life.
— GOP (@GOP) June 27, 2022
The White House says one of its highest priorities is cutting back prices as much as possible. Meanwhile, Americans are still waiting to see some action and results from the president and his officials.