The best way to curtail a spiraling inflation problem in the United States is for the government to stop printing money and spending it, according to former Trump economist Stephen Moore.
“If you want to know how to stop inflation, the most important thing to do is to stop the government borrowing and the printing of money,” Moore told Sunday’s “The Cats Roundtable” on WABC 770 AM-N.Y., lamenting plans in Congress to appropriate $10 trillion in spending this year alone.
“The [basic federal] budget this year is going to be about $5 trillion,” Moore added to host John Catsimatidis. “They already passed a $1.9 trillion spending bill at the beginning of this year. And now they’re talking about $4 trillion to $5 trillion of more spending.”
Moore lamented the 8% increase on the Producer Price Index, proving inflation is here to stay.
“If the Producer Price Index goes up, then consumer prices have to go up,” Moore said. “This idea that inflation is transitory and that it’s going away, right now there are no signs of it. An 8% increase is the largest increase since the Labor Department started measuring this about 15 years ago.
“I think you have to go back to the time when Jimmy Carter was president when you had double-digit inflation [to find similar inflation]. Inflation is not going away.”
And President Joe Biden is not just jeopardizing the economy, Moore continued. He is also failing to meet his campaign promises on reeling in the COVID-19 pandemic.
“The delta variant has been negative for the economy,” Moore concluded. “Biden has not done a very good job of controlling the virus. He said he’s not going to shut down the economy. He’s going to shut down the virus. But we’ve had problems with that as well.”