The U.S. economy has experienced a number of lows during the Biden administration: from near record-high inflation and high prices for groceries and gasoline to a spiraling national debt and bank failures.
But Steve Forbes, editor-in-chief of Forbes business magazine, says the American economy still could run "much slower" six months from now.
"The economy runs like a big tanker. It takes time, when you turn the wheel, to actually respond," Forbes told Newsmax on Thursday evening, while appearing on "Rob Schmitt Tonight."
"This economy does have serious problems," Forbes continued. "And one of the big ones is that unlike the 1980s, when we conquered inflation with tax cuts and deregulation and encouraging entrepreneurship, this government is doing the exact opposite.
"They're piling on regulations, going out of their way to raise taxes, and doing silly things, too," said Forbes, noting that "in the 'kitchen wars,' gas stoves are under attack ... they're trying to destroy the energy industry, despite what they say."
Forbes said the Treasury Department "unfortunately" believes that "depressing the economy" is the best method for combating inflation, along with "throwing people out of work, increasing unemployment. They don't realize that the best way for conquering inflation is stabilizing the value of the dollar."
Semantics are also a problem for members of the Treasury and this White House, said Forbes.
"Not sure when the economic theologians will get around to declaring" the U.S. economy is "in a recession," he added.
Six months from now, "people are going to be hurting. You saw it in retail sales. People are drawing down their savings" from the COVID-19 era, said Forbes, noting credit card debt in America has reached all-time highs.
If this administration were open to new ideas, perhaps Forbes would suggest letting the marketplace determine interest rates nationally.
Along those lines, he recommends the entire Biden White House take an extended vacation for the next six to nine months.
"The American people would be delighted to put them all on vacation. It'd be far less costly than what they're doing now," said Forbes. Getting a break from President Joe Biden and the Treasury might "let the economy recover."
"And stop with these crazy regulations," Forbes said. "Hardly a day goes by where they don't pile on some new piece of idiocy."
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