Biden announced to lawmakers his plan for a $6 trillion budget, drawing swift criticisms from economists that Biden’s overspending could tip fears of inflation beyond the scale.
Steve Moore, one of the Trump White House’s most trusted economic advisors, told The Cats Roundtable that Biden seemed to be intent on “putting our country in debt” as a Memorial Day gift.
“This is an astonishingly and shameful budget,” Moore said, warning Biden’s policy would “bankrupt the country.”
“These numbers are so gigantic and so damaging to the future of our country, that we have to put the stop signs up right now and we’ve got to stop this from happening, or else our children will be inheriti a country that will be significantly poorer and significantly further in debt,” Moore warned.
According to Moore, Biden’s plans to add thousands to the IRS payroll will have “an IRS agent living at your house” if you’re a business owner. With businesses opening coast to coast, tax audits weren’t exactly part of the itinerary promised with the reopening of the US economy.
“I think we’ve got a government out of control, and that’s the one thing that makes me so nervous,” Moore explained.
And government overspending combined with a ballooning budget promise to burst any bubble that the US would avoid if the Biden administration listened to economists like Moore and left things alone.
With prices increasing throughout supply chains reaching the wallets and bank accounts of every day Americans, Moore told The Cats Roundtable he was worried the Federal Reserve’s inflation projections were far too low.
“This inflation is a tax on the poorest people,” Moore said, adding he was worried a repeat of 2008 was in the making if we didn’t pull back from the brink.
“We lived through that in 2007 and 2008,” Moore reflected. “I thought we maybe learned our lesson because of the massive increase in government, and the housing bubble burst, and we saw the tech bubble burst…I’m telling you, if we keep spending like this, the government bubble will burst, and we will all be poor.”