Tags: Exclusive Interviews | Steve Malzberg Show | Stephen Moore | liberal Democrats

Heritage's Moore: Spending Spree Is Harry Reid's 'Swan Song'

By    |   Monday, 15 December 2014 03:30 PM

Democrats have moved even farther to the left since Republicans crushed them in the midterms — and they're now on a reckless spending spree, says Stephen Moore, chief economist for the Heritage Foundation.

"The Democrats have moved so far to the left and they've moved way to the left since the election," Moore said Monday on "The Steve Malzberg Show" on Newsmax TV.

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"One thing the voters said in the election is stop doing what you're doing, stop with the spending and taxing and the debt and the regulating.

"And of course, as soon as the election was over the Democrats went on their merry way and we've had massive increases in regulations, 3,000 of them … 3,000 new regulations issued by Obama right before Thanksgiving."

That's a big blow to blue-collar workers — whom the GOP must now aggressively court, according to Moore.

"Republicans have to go after the blue-collar, unionized vote and say we're the ones who are trying to save your jobs by cutting the debt, by allowing our drilling to go forward by building pipelines, and it's the Democrats who once stood with the working man who are now standing against the working man in America," Moore said.

Moore said it was "disgraceful" that both parties passed the spending bill, which will allow President Barack Obama to fund his executive action on immigration.

"They're like my 14-year-old teenager who waits until the last minute to do his homework and then they pass this thing at the last minute, 1,600 pages, and I guarantee you there aren't more than five members of Congress who actually read that bill," Moore said.

"This was [Senate Majority Leader] Harry Reid's last budget, so this is his swan song and Republicans have vowed to put an end to this, but it is disgraceful that's the way we're budgeting.

"When I first came to Washington in [the] early 1980s, the debt was less than $2 trillion. Now it's $18 trillion and by the year 2020 it's going to be $20 trillion … We have been borrowing and borrowing, and by the way, it's happened under Republicans, Democrats, Republican Congress, Democratic Congress."

Rising interest rates could also turn the national debt into a nightmare for Americans, Moore says.

"What happens if interest rates start to rise by 200 or 300 basis points? So, instead of 2 percent interest rates we have 4 or 5 percent interest rates, which would hardly be out of balance in terms of historical averages," he said.

"Then you're talking about interest payments that could hit a trillion dollars a year. It's like a dog trying to chase his tail.

"You get into what's called a death spiral of debt, where you're just paying more and more and more taxes just to pay the interest on a debt, and that's happened in Argentina, Bolivia, Mexico, Russia, countries like that, and that story never has a happy ending."

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Democrats have moved even farther to the left since Republicans crushed them in the midterms — and they're now on a reckless spending spree, says Stephen Moore, chief economist for The Heritage Foundation.
Stephen Moore, liberal Democrats
Monday, 15 December 2014 03:30 PM
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