Former Trump Economist Stephen Moore on Sunday said the U.S. economy is looking at four to five percent inflation, "and that's way above where the Fed wants us to be."
"They have a two to two-and-half percent, you know, inflation target,” he told John A. Catsimatidis on his radio show, The Cats Roundtable - WABC 770 AM.
The effects of inflation are everywhere, he says.
“You’ll see this in the supply chain. I mean I just bought some airline tickets this weekend for this summer… airline tickets are up 20%. You know food prices are up 10, 15, 20 percent and gas prices have increased a dollar a gallon in the last year,” he added.
Moore believes President Joe Biden’s bloated budget is causing the inflation and says he is the “six trillion-dollar man.”
“The $6 million man and now we've got Joe Biden, the $6 trillion man. This is an astonishingly and shameful budget. Actually, it would bankrupt the country if we were to spend $6 trillion.”
“I'm here to tell you if we keep spending like this, the government bubble will burst then we will all be poor,” he said.
Moore told Catsimatidis that “the borrowing over the next decade is $22 trillion. I mean, these numbers are so gigantic and so damaging to the future of our country that we have to put the stop signs up right now and we've got to stop this from happening, or else our children will inherit a country that will be significantly poor and significantly further in debt.”
“I hope that Republicans will fight against this,” he implored.
Be prepared, because the tax man cometh, he warned.
“Biden wants to hire 75 to 80,000 new IRS agents and people to snoop into every financial record and you know people that you know who have been successful in business- you're going to probably have an IRS agent living in your house practically, and hey, I'm not exaggerating here,” he said.
That said, “I think we’ve got a government (that is) out of control and that's the one thing that makes me so nervous, because we do have an economy that's on the mend. We have businesses all over the country opening up from New York to California and every state in between. You've got businesses reopening, schools reopening, you've got people going out and they are spending- and that’s a great thing,” he added.
“The latest numbers say we’re growing about a 6 or 7% pace this quarter. That's really strong. So, let's not screw it up by massively putting our country in debt.”
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