Former White House economic adviser Stephen Moore told Newsmax on Thursday that President Joe Biden’s administration should try to lower inflation even more than the Federal Reserve’s target.
Moore during an appearance on “American Agenda” said of the Fed, “Hell no they shouldn’t” abandon the target of 2% inflation, adding, “even for me, 2% is a little on the high side.”
He continued, “I’d rather have it closer to … 1 or even zero, so that’s crazy.”
Moore added, “When Trump left office, we had a 1.5% inflation rate. What’s changed? I’ll tell you what’s changed: Biden came in and spent $4.5 trillion. That’s what changed. He dumped the economy with money … the idea of like changing the goal is a crazy idea.”
He said: “The other thing that’s going on as you just mentioned, you know, the stock market’s down what, 800 points today? We got lousy retail sales numbers for November … that was the beginning of the Christmas season for shopping. I’m worried about next year, and I think people should be. It just seems like the direction of the economy right now is very negative.”
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