"Trumponomics" co-author Stephen Moore told Newsmax on Friday that "out of control government and out of control debt" are leading to the demise of the United States.
"We better watch out," Moore, who advised the Trump administration on its historic tax cuts, warned during an appearance on "The Chris Salcedo Show."
"When I first came to Washington in 1985, the budget was $1 trillion. Now it's $6 trillion. The national debt at that time was a little over $1 trillion. Now it's $30 trillion. Nobody seems to bat an eye."
Moore also attributed record inflation, which reached 8.5% in March according to the Consumer Price Index, to out of control spending from both parties that do not "seem to want to do anything about it."
"If you're wondering why we have 8.5% inflation today, it's very simple. We've spent $3 trillion that we didn't have, borrowed it, spent it, and printed it," Moore stated. "It's not [Russian President Vladimir] Putin. It's not [former President Donald] Trump. It's not temporary. It's not transitory. This is the result of out-of-control government."
The author and former president of the Club for Growth said that Biden's victory in the 2020 presidential election was more of a victory for "Putin and [Chinese] President Xi [Jinping].
He added that Russia and China benefited from Biden's decision to cancel the Keystone XL pipeline and "declare war on American energy."
"As we cede the ground, we're only financing and building up our enemies, and it pains me to say that because I never thought I would," Moore told host Chris Salcedo.
Moore said that he still believes there is time "to skate around a recession, but the further we wait — the more this inflation metastasizes — the more painful it will be to get out."
"We should be cutting government spending across the board by about 10 or 15% right now. We should be increasing our energy supply. And yes, the Fed [Federal Reserve] has to start sucking some of that money back out of the economy by raising rates."
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