Stephen Moore: ‘Soak the Rich Is Not an Economic Growth Strategy’


Noting Democrats’ own difficulties in rallying support for the $3.5 trillion budget reconciliation bill, former Trump economic adviser Stephen Moore says it is more than just conservatives seeing it will be “bad for America.”

“Soak the rich is not an economic growth strategy; it’s not a strategy consistent with the American dream and upward mobility in this country,” Moore told Sunday’s “The Cats Roundtable” on WABC 770 AM-N.Y., calling the social programs funding plan “the worst bill I’ve seen since I arrived in Washington in 1983.”

Moore added to host John Catsimatidis that Democrats are using “fake bookkeeping” by even putting the price tag on the bill at $3.5 trillion.

“It looks like the Democrats are having trouble putting together the votes for this $5 trillion spending bill,” Moore said, noting The Wall Street Journal reported the estimated cost of the bill is around $1.5 trillion more than Democrats have been saying – “when you use honest accounting and not the fake bookkeeping that Washington uses.”

Progressive Democrats like Senate Budget Committee Chairman Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., have long sought to change the American economy into their Democratic-socialist structure.

“The Democrats are tied up into knots because they cannot bring the AOC and Bernie Sanders wing together with the more moderate Democrats,” Moore continued to Catsimatidis. “How they get 218 votes in the House and 51 votes in the Senate, I don’t know. They may not get there, John.”

The tax-and-spend structure is growth-killing, according to Moore.

“It’s a real assault on our small businesses,” he said. “I don’t see any good argument for it.”

Even the stock market and investors are noticing the warnings on inflation and massive spending, Moore concluded.

“It’s been another one of those roller coaster rides hasn’t it?” Moore said. “I hope you don’t get motion sickness because we’ve had such wild swings in the market.”