Stephen Moore: Biden Spending on 'Outrageous Boondoggles' Economist Stephen Moore speaks at CPAC 2020. (Samuel Corum/Getty Images)
By Eric Mack | Sunday, 04 April 2021 12:02 PM
President Joe Biden's massive spending programs are beyond what the former President Barack Obama administration pushed, or even what Sen. Bernie Sanders, I-Vt., proposed, Trump economist Stephen Moore warned.
"You're going to see so many outrageous boondoggles where they are giving away all of this money to these [green] companies, a lot of them are going to go bankrupt," Sunday's "The Cats Roundtable" WABC 770 AM-N.Y. "I am very nervous about this.
"The American people have to rise up and say this is not the way we run our country. We pay our bills. We don't massively increase our debt. We don't put our financial system in jeopardy.
Among the spending packages were the $1.9 trillion American Rescue Plan that was called coronavirus relief, but only a fraction of it went to actual pandemic response, and a lot of the money was deferred over a long period of time, making its urgency a moot point, Republicans argued.
Moore told host John Catsimatidis the $2 trillion infrastructure plan is similarly misrepresented as infrastructure, and it is "bridge too far."
"We are in the midst of one of the largest federal power grabs in the history of the country," Moore lamented. "This week, President Biden announced this massive $2 trillion so-called infrastructure bill that's really the Green New Deal.
"They're doing another $2 trillion spending deal on top of that, which will be announced in the next couple of weeks, which will be more money for daycare and education and all these things. This is now $6 trillion of spending that has been recommended by Biden.
"I am very nervous about the impact that this will have on our financial system. It is an amazing amount of new power that we are giving to the people in Washington. It tramples on a lot of the states. And I think this is not going to be a stimulus for the economy."
Ultimately, all this spending will put the U.S. in the dangerous position of being "an incredible debtor to the rest of the world," because it is a "lie" that Biden can pay for these programs by merely taxing the top 1%, Moore said.
"People who voted for Biden tell me they don't understand what's going on in Washington," Moore continued. "They don't understand where the money is going to come from. The idea that we are going to pay for all of this just taxing the top 1% is a lie.
"I think everybody knows you're not going to get trillions and trillions of dollars out of the top 1%. They're going to have to come after the middle class."
But "a revolt is brewing," Moore said.
"America is waking up to the fact that Biden has moved to the left of Bernie Sanders," he said. "I don't know who he's listening to, but this idea that we can bring the country to the brink of bankruptcy to fight climate change and to massively increase the welfare state is very dangerous."
It will eventually wind up in voters' hands to "stop this train from going over the cliff," Moore conclude.
"I think people have started to shift their opinion," he said. "They thought that Biden would be a moderate, centrist Democrat. He's getting a lot of bad advice in the White House. Let's turn him around so we don't bankrupt our great country."