Economist Stephen Moore used “massive” or “massively” four times when discussing the Senate’s so-called “Inflation Reduction Act” with Newsmax on Monday while appearing on “American Agenda” with hosts Bob Sellers and Bianca de la Garza.
None of the references celebrated the Senate’s $740 billion piece of legislation, supposedly a “trimmed-down” version of President Joe Biden’s “Build Back Better” plan from earlier this year, which never got past the Senate.
“It [the current Senate bill] is a monstrosity. It’s going to massively increase the size of government,” said Moore, the founding president of the Club for Growth, and author of “Trumponomics,” which detailed the economic philosophies of the Trump presidency.
“This is a fiscal atrocity,” said Moore, who calculates the Democrats have added approximately $3.5 trillion in new-money spending under the Biden administration.
Moore also offered a droll response to the left-leaning media companies proclaiming that President Biden has been “successful” as a legislative president.
“Yes, he’s been ‘successful’ in terms of massively increasing our debt, and massively increasing inflation and our spending burden,” says Moore. “And that’s not what Americans want right now.”
How daunting might the $3.5 trillion in new spending be for the American people? Moore says that figure exceeds what the United States “spent on World War II” — when adjusting for modern times and accounting for high inflation.
As such, Moore says his circle of bipartisan economists “find it laughable” the Senate named this bill the Inflation Reduction Act.
The Senate bill “is going have a major impact on inflation — it’ll make it worse, not better,” Moore said.
House Democrats hold a razor-thin majority of seats. Moore said that uncertainty might be enough to fuel a rejection of the Inflation Reduction Act, when it comes to a formal floor vote, especially among the House Democrats who are perceived as “vulnerable” for the November midterm elections.
“If these Democrats in marginal districts come to their senses [prior to the vote], yeah, it could be defeated. But I’d watch what happened in the Senate [Sunday],” said Moore, who likened the Senate Democrats filing votes over the weekend to “robots marching in lockstep and taking America right over a cliff.”
Moore then added, “I’m not all that optimistic” about the House rejecting the bill, which could eventually yield a net-loss of 900,000 American jobs.
“And we haven’t even talked about [the corporate tax] increases yet,” said Moore, referring to the minimum 15% increase for companies which hire the vast majority of the U.S. labor force.
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