Biden’s $8T budget makes claims of deficit-cutting laughable, economist says: ‘An assault on US business’
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A top economist called President Biden’s budget proposal an “assault on American business” and characterized the state of America under the current administration as reminiscent of the dystopian novel “1984.”
Steve Moore, who served as chief economist during tax hawk and ex-House Majority Leader Dick Armey’s, R-Texas tenure as chairman of the Joint Economic Committee, told “Life, Liberty & Levin” in his 40 years of analyzing budgets he has never seen a president decline to move toward the political center in his proposal in an election year.
“Normally what happens is Democrats, when they get to the election year, they move to the middle and they pretend like they’re conservatives,” Moore said.
“I’ve got to give Joe Biden credit. He’s not moving to the middle. I mean, this isn’t ‘the era of big government is over’ — This is like the ‘era of big government is here to stay’ like we’ve never seen before.”
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Amid his 1996 reelection bid against then-Sen. Bob Dole, R-Kan., President Bill Clinton made the declaration during that year’s State of the Union, and later worked with Republican then-House Speaker Newt Gingrich to balance the federal budget for the first time in a century.
Moore noted how host Mark Levin previously claimed Biden has misdirected about deficit reduction numbers, saying the ten-year debt forecast in his estimation is close to $10 trillion.
“How is that reducing the deficit?” Moore asked, adding the incumbent is doing the exact wrong thing to rein in spending if he wants to make such claims about fiscal responsibility.
“I’m an old-fashioned Reagan supply-sider. You want to get tax rates low to bring jobs and businesses back, Reagan did it [and] it worked. Donald Trump did it [and] it worked to create a great economy.”
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Moore went on to claim that the U.S. under Biden’s tax plan would have a higher tax rate than statist economies Russia and China.
He went on to proffer one of Armey’s favored quotes about such profligate proposals:
“He used to say that liberals love jobs, but they hate employers,” Moore quipped. “This is an assault against American businesses, small businesses, American corporations, and is playing right into the hands of our enemies like China and Russia and the European countries that are our competitors.”
Moore said former President Trump, whose previous presidential campaign he advised, likes to speak about how other Western nations are “laughing behind our back” in many respects.
“That’s exactly what’s happening here. This is a ‘Put America Last’ budget,” he said.
According to figures reported by Levin, the Biden budget would “slash [GDP] in the long run by 2.2%; capital stock by 3.8% and wages by 1.6%.”
“This guy’s getting away with saying that he’s cut the debt; that he has a responsible proposal — It’s like $8 trillion,” he fumed.
In a joint statement by several House GOP leaders, the caucus called the budget’s costs “yet another glaring reminder of this administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility.”
“Biden’s budget doesn’t just miss the mark – it is a roadmap to accelerate America’s decline,” the statement read.
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