Stephen Moore: Biden Policies Could Derail Covid Economic Recovery
President Joe Biden's policies if implemented could derail the U.S.' strong economic recovery following the coronavirus pandemic, Trump administration economist Stephen Moore said on Sunday.
Speaking on “The Cats Roundtable” radio showon WABC 770AM hosted by John Catsimatidis, Moore said the nation is in danger of “increasing the national debt by about $22 trillion over the next decade,” if Biden passes his entire agenda. He also warned that “a great country does not borrow its way to prosperity.”
Moore said such policies would be a great shame, because currently ”the United States is running way ahead of the rest of the world in terms of picking up and recovering from Covid,” stressing that is a positive story should lead to a very strong second half of the year economically.
But he said that the Biden administration is “making all sorts of policy mistakes that are slowing down this recovery."
He cited higher inflation as one of the danger signs, insisting that “the Fed is way too optimistic about getting inflation under control."
Moore also pointed to the apparent agreement on the Infrastructure bill as another worrisome sign saying that it is a terrible deal.
He said that only about 20% of the package is actually traditional infrastructure, such as roads bridges and airports, while most of the agreement is actually for Biden’s Green New Deal and electric vehicles.
Regarding the agreement of GOP senators on the bipartisan negotiating team for the bill, Moore said that he was “surprised that the Republicans thought they could make an honest deal with Biden, because he’s not been an honest broker."
Moore emphasized that he is particularly “worried right now about the runaway spending in Washington. Because Biden is not backing off on this. And I’m worried about the big tax increase that he wants to pass in the fall. If Republicans will stick together, I think you’re going to get …more and more Democrats … who are going to say, ‘Wait a minute. This is not what my constituents want.’ I hear there may be 8 to 10 Democrats in the Senate now who are very nervous about how far to the left Joe Biden is trying to take the country,”