Economist says Bidens budget proposal undermines deficit-cutting efforts

Last Updated on March 31, 2024 by Robert C. Hoopes

In a recent development, top economist Steve Moore has openly criticized President Biden’s budget proposal, labeling it as an “assault on American business.” Moore, who has analyzed budgets for over 40 years, expressed his concerns over the current state of America, comparing it to the dystopian novel “1984.”

Moore, who previously served as chief economist during Dick Armey’s time as chairman of the Joint Economic Committee, stated that it is unprecedented for a president to refuse to move towards the political center in an election year. He noted that typically, Democrats shift towards conservatism during election years, but Biden’s stance goes against this trend.

According to Moore, Biden’s budget lacks a focus on deficit reduction, with a projected ten-year debt nearing $10 trillion. Moore emphasized the importance of low tax rates in stimulating job growth and economic success, pointing out that under Biden’s tax plan, the U.S. would have a higher tax rate than countries like Russia and China.

Moore further argued that Biden’s budget is not only an attack on American businesses but also plays into the hands of competitors like China and Russia. House GOP leaders echoed these sentiments, issuing a joint statement criticizing Biden’s budget as reckless spending and a disregard for fiscal responsibility. They warned that such an approach could accelerate America’s decline on the global stage.

The growing opposition to President Biden’s budget from economists like Steve Moore and House GOP leaders raises concerns about the future economic policies of the United States. As the debate continues, it remains to be seen how the Biden administration will address these criticisms and navigate towards a more balanced budget proposal.