This week's inaction by the Federal Reserve Board amid inflation was not only surprising to former Trump economist Stephen Moore, but alarming to the markets.
"I expected the Fed to take some pretty concrete steps to try to bring this inflation under control," Moore told "The Cats Roundtable" on WABC 770 AM-N.Y. "And the Fed basically said, 'well, we're a little bit worried about inflation but we're not going to do anything late 2022 or 2023.'
"That was a big issue for the markets."
Rising prices are apparent throughout the economic, Moore warned host John Catsimatidis.
"We're seeing inflation in this economy, from gas prices to food prices to airline prices to everything including rental cars," Moore said. "It's hard to find anything that is not climbing in price right now.
"The Fed is behind the curve. They have to take some more aggressive actions to get this inflation under control."
Echoing a comment made a week before the Federal Reserve meeting Wednesday, Moore warned of inflation being a "tax" on working-class Americans who live paycheck to paycheck.
"We are facing right now a Biden Inflation Tax," Moore added to Catsimatidis. "Every time you go to the grocery store, you're paying more for your food, [at] the gas station [you're] paying 50 or 75 cents more per gallon.
"That's a tax."
Not only that, Democrats who proclaim to be for raising wages are ultimately contracting Americans' paychecks and spending power.
"When inflation goes up, your paycheck shrinks, because you're not able to buy as much with the dollars that you're earning," Moore said.
"We've got to do something about the Biden tax and we've got to get the Fed to start moving away from its zero-interest-rate policies and nip this in the bud before it gets out of control."
Moore noted a 5-6-7% inflation rate is not sustainable for a prosperous economy.
"We've got an economy that's ready to explode," Moore said. "We've just got to get inflation under control, and we’ve got to get Americans back into their jobs. And get off welfare. Get off unemployment insurance, and get back on the job."
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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