Economist: American Cannot Handle Biden Spending Spree, 'No Logic' To Plans

Written By BlabberBuzz | Wednesday, 05 May 2021 05:15

Ex-Trump economist Stephen Moore stressed that the U.S. doesn't need a blizzard of additional spending and believes there will be a backlash if President Joe Biden's American Jobs Plan passes.

“The first quarter” of 2021, “I mean, that's a blockbuster number that is a soaring number of recovery — and that's now three straight quarters. You know the third quarter of 2020, the fourth quarter of 2020, and the first quarter of 2021. We've seen real recovery,” Moore told John Catsimatidis on his Sunday radio show, "The Cats Roundtable," on WABC 770 AM.

Biden’s address to a Joint Session of Congress last week was "pretty boring," he noted, "but he did lay out a very aggressive left-wing tax-and-spend agenda — massive spending for everything from babysitting services to free healthcare, everything is going to be free.”

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“Everyone knows that everything cannot be free,” he went on to say.

Moore continued, “we used to talk about the V-shaped recovery, so that's what we're seeing right now, and I'm here to tell you, I don't think we need a blizzard of additional spending. Just let the economy heal on its own; we don’t need this avalanche of programs that Joe Biden is talking about. After all, somebody is going to have to pay the tab for all this spending. I think the American people are starting to turn against it."

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The $1.8 trillion in new spending and tax credits aimed toward children, students and families includes $200 billion for universal pre-K for all 3- and 4-year-olds, $225 billion for child care including subsidies for low-and middle income families and money for providers and workers, more than $100 billion for two years of free community college for all and $225 billion for a national paid family and medical leave program.

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It would also extend the expanded Child Tax Credit, make the increased Child and Dependent Care Tax Credit as well as the Earned Income Tax Credit permanent and make recently expanded premium subsidies under the Affordable Care Act permanent.

Scholarships for teachers, increased Pell Grants and expanded nutrition programs are also part of the plan.

Moore claims Democrats act like they have a huge majority in favor of their policies, when they do not.

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“It has been really detrimental, I think, to the Democratic Party, but also to the country; the Democrats have the smallest majority, practically in the history of the Congress, but they're acting like they have, you know, a towering majority-- and they have barely 51 votes in the Senate when you include Kamala Harris, he stated.

“With all of this spending,” Moore concluded, “it’s just so much debt, and we're not socialist in our DNA, I think the American people are very troubled by this spending blitz, and I think there's going to be a backlash.”

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