Stephen Moore, a former senior economic adviser to President Donald Trump, blamed rising inflation for the Biden administration’s massive spending packages and said the only thing that will cool price pressures is a GOP victory in the midterm elections. term so they can “stop spending”.
Moore made the remarks in a recent interview with the Epoch Times’ sister media NTD, in which he laid out a simple inflation-reducing strategy for the Republican Party.
“Certainly what Biden wants to do is tax more, spend more and regulate more, and Republicans now — and most in the House and Senate — would spend less, tax less, regulate less,” Moore said.
Just as the Republican-led Congress worked to contain spending when they occupied both houses for part of former President Bill Clinton’s term, potential majorities in the upcoming midterm elections would allow Republicans to go “toe to toe.” with Biden on spending, Moore said.
“A lot of the spending that Biden and the Democrats are promising needs to be voted on every year, and the Republicans — as they did with Bill Clinton when he lost the House and Senate after two years — basically said, ‘All these spending plans that you have, they’re gone,’” Moore said.
“Spending went down and we ended up with a balanced budget,” he continued, adding that with a GOP victory in November, “I think you’re going to see a very serious reduction in spending levels from what Biden was hoping to get.”
‘Forcing as much cost reduction as possible’
Moore acknowledged that there are limits to what a Republican-controlled Congress can do to curb spending, as some of it is on “autopilot” and cannot be stopped by a vote.
“Republicans shouldn’t over-promise,” he said. “They can stop new spending, they can – in a fight over the debt ceiling – reduce some spending, as we did with [Former President Barack] Obama.”
He said a GOP victory would likely mean more political friction in Washington.
“Neither side is going to be too happy,” he said. “But the more Republicans can reduce spending, regulation and taxes, the stronger the economy will be.”
In order to tame rising inflation, Republicans must “push spending cuts as hard as possible,” argued Moore.
‘Inflation will get worse’
Meanwhile, President Joe Biden claimed at a recent event in Los Angeles that if Republicans win the midterm elections, inflation will increase.
“If the Republicans win, inflation will get worse. It’s that simple,” Biden said Oct. 13, arguing that Democrats “are working to reduce the cost of things,” while Republicans “are campaigning every day on an agenda to increase their costs.”
The president praised the Inflation Reduction Act for limiting the cost of prescription drugs and lowering Medicare premiums, while announcing that Social Security benefits are rising an average of $140 a month.
Biden said Republicans want to repeal the Inflation Reduction Act and eliminate those cost-saving benefits.
In more recent comments, Biden said that much of what Democrats have done about the economy will come into action with a delay, which fits with GOP claims that inflation will worsen as some of the inflationary impacts of big spending take a toll. of government not yet fully filtered into the economy.
Biden made the remarks in an Oct. 21 interview with MSNBC’s Jonathan Capehart at Delaware State University, after being asked to comment on polls showing that Americans trust Republicans over Democrats on economic issues.
“A lot of what we’ve done and gone through hasn’t started yet. For example, we have all this money to rebuild roads, bridges, internet, etc., but it will take time,” Biden said. “Not everything happens overnight.”
A recent CNBC poll gave Republicans a double-digit lead over Democrats on key economic issues ahead of the midterm elections. The biggest spread was on inflation, with 42% saying the GOP would do a better job of reducing inflation, compared to 27% pointing to the Democrats.
Several Republicans said the Democrats’ big spending packages made inflation worse, with some of the spending effects still being felt.