Ex-Trump Economist Stephen Moore: We're Looking At 4 To 5 Percent Inflation Rate

Newsmax ^ | 5-31-2021 | Jim Thomas

[blam]

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

(snip)

[Tennessee Nana]

Gas is twice what it was last year...

[central_va]

US Pres. Xo 3idin’s approval rating is in the 60% range. Right????

[PTBAA]

If everything quoted is 10-100% higher, how is the inflation rate only 4%?

[blam]

Morgan Stanley Asks What To Do When Everything Is Expensive

[blam]

"If everything quoted is 10-100% higher, how is the inflation rate only 4%?"

I don't know but, many everyday items are not included in the 'official' inflation rate like, food and energy. So....

[blam]

As calculated in April, the medium price of existing homes increased 20.3% over the previous 12 months. I remember quoting this to my brother who bought a new home last year. (I read it somewhere on FR)

[Carriage Hill]

The “New Math” does that.

[ARGLOCKGUY]

That is very optimistic.

[buckalfa]

"US Pres. Xo 3idin’s approval rating is in the 60% range. Right????"

Free stuff is always popular.

[9YearLurker]

Moore’s pants, shirt, shoes and hair are on fire.

The real rate of inflation has been above that for years—and we’re now running about triple what it has been.

[DoodleDawg]

A four to five percent inflation rate is way above the Fed would want and way below the gloom-and-doom double digit predictions that have been going around here.

[Nateman]

Are they talking 4 to 5 percent a year or a month? I’m predicting 38% a year based on the bloating money supply.

[Flick Lives]

As calculated in April, the medium price of existing homes increased 20.3% over the previous 12 months.

—

No problem as I just got a 20% raise in salary. What? Hold on. No wait. Correction. I got a 2% raise.

[zek157]

Nope, no significant inflation anywhere. Especially in materials and construction. 30% of the Fy22 budget being financed will have no impact either... as well as increasing interest rates...

Or will it? Smoke some more crack and pretend it doesn’t.

[Mr. Jeeves]

Biden wants to hire 75 to 80,000 new IRS agents and people to snoop into every financial record

And after nothing happened to Lois Lerner, why not? There is no political penalty for abusing the middle class, who have no functioning advocates in DC.

[CodeToad]

We passed 4-5% inflation in January.

[cherry]

it’ll be the property taxes that will finally kill us off...not being a govt worker with a fat defined pension will make my SS basically gone.

[nathanbedford]

Repent! The end is near.

When the crunch comes, that is, when the bubble bursts, there will be few people who will listen to the call for repentance, most will demand grace, most will demand the politicians find a way to keep the music playing and grant them indulgence.

The nation will turn either right or left. Sadly, history tells us that the demand will be to turn left. Human nature tells us exactly the same thing. The people in their misery will eagerly submit to a man on horseback who promises to ease their pain. Our pain is been caused by a willful blindness to the fact that we live in an age of scarcity and not an age of abundance, our vision has been distorted by our decades long but rapidly diminishing ability simply to print money without any observable consequences. We think we have all the money we need for any whim without the need to pay for it, to tax for it or to postpone any gratification.

In other words, politicians for years could enjoy being all things to all people except appearing to be the taxman or the Jeremiah who tells them they live in an age of scarcity. When the crunch comes, the people will be no more eager to hear that message than they have been, hence, human nature compels them to turn left.

Democrats know this, they are not about to let a perfectly good crisis go to waste and the Republicans simply cannot say, "we told you so" because Republicans simply did not tell us so. They are nearly as implicated in the politics of printing money as were the Democrats.

At a time when the crisis should urge us all to reform our system by an Article V convention of the states we will instead do Venezuela Redux. At a time when we should ruthlessly impose a merit economy upon ourselves, we will descend deeper into tribalism, classism and crony capitalism.

Marxism is even more our future.

[DoodleDawg]

A lot of things go into increasing the rate of inflation. Biden’s reckless spending is a big part of it but not the only part.