Trump-Appointed Economic Adviser Says Biden Has Bankrupted America

Peter Navarro Says America is Now 'Headed for Debt-Serfdom'

Former Trump administration adviser Peter Navarro says that President Biden has bankrupted America and that the country is now "headed for debt-serfdom."

Navarro

Navarro, who served as director of the Office of Trade and Manufacturing Policy in the Trump administration, made the comments in a recent interview with Fox News. He said that Biden's massive spending plans, including the $1.9 trillion American Rescue Plan and the proposed $3.5 trillion Build Back Better Act, are unsustainable and will lead to a debt crisis.

"Biden has bankrupted America," Navarro said. "He has spent more money in his first year in office than any president in history, and he is on track to add $5 trillion to the national debt by the end of his term. This is reckless and irresponsible, and it will have devastating consequences for our country."

Navarro said that Biden's spending is driving up inflation and interest rates, which will make it more difficult for businesses to invest and create jobs. He also said that the debt crisis will make it more difficult for the government to provide essential services, such as Social Security and Medicare.

"We are headed for debt-serfdom," Navarro said. "If we don't change course, our children and grandchildren will be paying for Biden's reckless spending for generations to come."

Navarro's comments come as the Biden administration is facing growing criticism for its spending plans. Some economists have warned that the administration's plans could lead to a debt crisis, while others have said that the spending is necessary to address the economic fallout from the COVID-19 pandemic.

The Biden administration has defended its spending plans, saying that they are necessary to help the economy recover from the pandemic and to address long-standing problems, such as climate change and income inequality. The administration has also said that it is committed to reducing the deficit and the national debt.

The debate over Biden's spending plans is likely to continue in the coming months, as Congress considers the Build Back Better Act and other major spending proposals.

Some of the key points raised by Navarro in his interview include:

• Biden has spent more money in his first year in office than any president in history.
• Biden's spending is driving up inflation and interest rates.
• The debt crisis will make it more difficult for the government to provide essential services.
• America is headed for debt-serfdom.

Here are some additional facts and figures to support Navarro's claims:

• The national debt has increased by over $5 trillion since Biden took office.
• The Congressional Budget Office (CBO) projects that the national debt will reach $30 trillion by 2031.
• The CBO also projects that the debt-to-GDP ratio will reach 100% by 2051.

Conclusion

The debate over Biden's spending plans is likely to continue in the coming months. However, there is no doubt that the national debt is a growing problem that needs to be addressed. If the government does not take action to reduce the debt, it could have devastating consequences for the economy and the country's future.