White House trade advisor Peter Navarro on Monday’s “Fox & Friends” sounded off on Democrats and the media saying the United States is heading towards another “Great Depression” because of the coronavirus pandemic’s effects on businesses and jobs not deemed “essential.”
Navarro pushed back against the economic “pity party” and the notion of a Great Depression, arguing anybody using that term to describe the state of the economy does not understand history or economics.
“This is not the Great Depression,” Navarro advised. “Anybody who thinks this is the Great Depression doesn’t understand either history or economics. The Great Depression was a 10-year process — it came out of the end of World War I. It went through inflation and then a deflation cycle. It was accompanied by catastrophic applications of currency, trade, fiscal and monetary policy, and it lasted a very, very long time.”
He continued, “Here’s what we have here: We have President Donald J. Trump built up the strongest and most beautiful economy in three and a half years, and the Chinese Communist Party dropped a virus on the world that in 60 days has temporarily shut us down. All we need to do here is focus on the mission … to bring manufacturing onshore, to have the American people make things here, and we will move forward in a way where we will rebound.”
Navarro said recovery will be a “long process,” adding now is not the time for a “Great Depression pity party.”
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