Economist Steve Moore: US debt ‘is the cancer cell right now on our economy,’ with few in DC concerned

John Solomon Reports

Conservative commentator and Author of ‘Trumponomics: Inside the America First Plan to Revive Our Economy,’ Steve Moore discusses recent Big Tech layoffs being an indicator of the economy going into a recession and the natural resiliency of the US economy that can’t be discounted. Moore reacts to what President Biden says of the economy versus the actual state of the economy, that “this economy now mystifies me on how it's holding up. And it has held up, you know, into last year. Not a good year for the economy, but it wasn't any kind of deep recession. And so it's, it's just hard for me to figure out where this economy's headed right now.” Moore goes on to say that “the good news, is that inflation is falling, no question about it, we've seen inflation go from, 9 to 10%, in the summer, to now [inflation is] down, in my opinion, probably about, about 4 or 5%. And, in fact, some of my friends who are very solid economists think that, they're almost more worried now about a deflation than an inflation.” He says that “job markets continue to hold up, to my surprise, jobs are still out there, notwithstanding what we just talked about with the tech industry, which is absolutely contracting.” The former economic adviser says he’s “nervous about making any kind of definitive predictions about where [the US is] headed. I do I think that we've a lot of things are going wrong in this country from a policy point of view. Absolutely, I mean the debt, I think, is the cancer cell right now on our economy and very few people in Washington seem to be very concerned about it.” Moore’s prediction on whether he thinks we’re going to face a financial crisis is depended upon Washington’s spending, “if this continues much longer, whether that financial crisis is going to happen six weeks from now, or six months from now or three years from now, I can't predict that, but it is. It is a precarious economy right now, it is hold up pretty decently but I don't know. And I'm not going to say that we're gonna have a recession in 2023 because even though most of the leading economic indicators are pointing South right now, there is a kind of natural resilience to the American economy that I wouldn't discount.”

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