Former White House economic adviser Steve Moore on Thursday said that the nation is currently in a “mild recession” and that the administration’s proposed economic package would make things worse.
“Well, look, we’re in a mild recession,” he said Thursday on the “John Solomon Reports” podcast. “It doesn’t really matter what we call this. I mean, the what really matters is how much damage this is doing to American family finances,” Moore continued, noting “the average family has lost since since Biden became president, roughly $4,000 a year in purchasing power. In other words, their paychecks are not keeping track.”
He went on to highlight the disproportionate effect inflation has on the poor. “And you know, the irony of this, John, is that all the left talks about is inequality, right? They’re obsessed with that,” he asserted. “And yet, these policies, the inflation policy of Biden, has actually made inequality worse, because the people like Bill Gates and Warren Buffett and, you know, people like that are not suffering from high inflation.”
“It’s working class people and people living on a fixed income, making less than $60,000 that are really feeling the heavy negative effects of this,” Moore insisted. He then turned his attention to the Biden administration’s proposed spending package to lift the nation out of its current economic predicament, lamenting the push for yet more federal spending.
“But when they say the idea that they want to put another $700 billion of spending and taxes on top of an economy that’s already in a recession, I mean, that’s inexplicable, and it is economic malpractice, you know, cause real damage to the economy,” he said. “It’s going to make inflation worse.”
That spending package became more likely on Wednesday after West Virginia Democratic Sen. Joe Manchin announced he had reached a compromise with party leadership and would support the plan. That announcement caused Moore a great deal of distress, as it signaled a tremendous increase in federal spending and, consequentially, inflation.
“And literally last night, I could not sleep. I was so distressed by this announcement that, and I can’t figure it out,” he said. “I mean, it was Joe Manchin, just playing us all along. Because what he’s, what he has just, quote signed off, is the opposite of what he’s been saying for the last nine months.”
Moore highlighted that environmental provisions to which Manchin agreed would be damaging to the state he represents. “And this is a bill about trying to continue to destroy our oil and gas and coal industry, and flood the economy with more wind and solar subsidies,” he said. “So West Virginia would be the big loser in this bill. And I can’t understand how we could embrace that.”