Economist Stephen Moore, a former senior economic adviser with the Trump White House and founding president of the Club For Growth, believes the Biden administration picked an odd time to tout the formal passing of the Inflation Reduction Act on Tuesday — the same day in which the consumer-driven inflation rate for August surged to 8.3%, from a year-over-year perspective.
"Can you imagine a worse time to have a celebration on a bill that massively increases spending and taxes?" Moore rhetorically asked Newsmax on Tuesday afternoon, while appearing on "American Agenda" with hosts Bob Sellers and Katrina Szish.
Prior to Tuesday's announcement, Moore's rough calculations had the inflation rate in a range below 8%. However, those figures didn't account enough for human necessities — such as food, water, electricity, shelter, etc. — rising twice or thrice in price, compared to this time last year.
"I didn't think it'd be this bad," admits Moore of the August inflation rate, while adding, "This is killing American families."
By Moore's estimates, the average American family has lost nearly $4,000 in purchasing power since President Joe Biden took office in January 2021.
"This didn't just happen by accident," says Moore, while referencing a number of sluggish Biden economic policies.
Messaging has also been a problem for the Biden White House, says Moore, author of the book, "Trumponomics."
For example, the White House naming a bill the Inflation Reduction Act, "when it just adds kerosene to the fire, is almost laughable," says Moore.
Factoring in the string of consecutive months with high inflation, along with negative GDP growth in back-to-back quarters, Moore asserts the Federal Reserve will likely be compelled to raise interest rates again — perhaps multiple times — over the next few months.
"The Fed's in a tough place right now," says Moore. "And this [economic downturn] was so avoidable. All we had to do was stop spending money."
Instead, Moore says the Democrats' out-of-control spending has put this nation into a deeper hole.
"It's just a killer" to Americans trying to get ahead, Moore says.
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