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Biden's $8 trillion budget makes deficit reduction claims laughable, and economist says: 'An assault on American business'

Biden's $8 trillion budget makes deficit reduction claims laughable, and economist says: 'An assault on American business'

A top economist described President Biden's budget proposal as an “assault on American business” and described the state of America under the current administration as reminiscent of the dystopian novel “1984.”

Steve Moore, who served as chief economist during the era of tax hawks and former House Majority Leader Dick Armey as chairman of the Joint Economic Committee, told Live, Liberty & Levin that in his 40 years of analyzing budgets, he has never analyzed budgets. The president witnessed a retreat from the orientation toward the political center in his proposal in an election year.

“What usually happens is Democrats, when they get to an election year, move to the center and pretend to be conservative,” Moore said.

“I have to give credit to Joe Biden. He's not moving to the middle. I mean this isn't the era of big government is over — this is like the era of big government is here to stay.” “Like we've never seen it before.”

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During his 1996 re-election bid against then-Sen. Bob Dole, R-Kansas, President Bill Clinton made the announcement during that year's State of the Union address, and later worked with then-Republican House Speaker Newt Gingrich to balance the federal budget for the first time in a century.

Moore pointed out how host Mark Levin previously claimed Biden misdirected on deficit reduction numbers, saying the 10-year debt projection in his estimate is closer to $10 trillion.

“How to reduce the deficit?” Moore asked, adding that the incumbent is doing exactly the wrong thing to rein in spending if he wants to make such claims about fiscal responsibility.

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“I'm an old-fashioned Reagan supporter on the supply side. You want to lower tax rates to bring back jobs and businesses, and Reagan did it.” [and] It worked. Donald Trump did it [and] “You have created a great economy.”

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Moore went on to claim that the United States under Biden's tax plan would have a higher tax rate than the state economies Russia and China.

He went on to offer one of Armey's favorite quotes about such extravagant proposals:

“He used to say that liberals love jobs, but hate employers,” Moore quipped. He added: “This is an attack on American companies, small businesses, and American companies, and is in the interest of our enemies such as China, Russia, and our competing European countries.”

Former President Trump, who advised his previous presidential campaign, likes to talk about how other Western countries are “laughing behind our backs” in many respects, Moore said.

“That's exactly what's happening here. This is a 'Put America Last' budget,” he said.

According to the numbers reported by Levin, Biden's budget will “decrease.” [GDP] In the long term, by 2.2%; Capital by 3.8% and wages by 1.6%.


“This guy gets away with saying he reduced debt, and he has a responsible proposal — it's like $8 trillion,” he said angrily.

In a joint statement by several House GOP leaders, the caucus called the budget costs “another stark reminder of this administration’s insatiable appetite for reckless spending and Democrats’ disregard for fiscal responsibility.”

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“Biden’s budget not only misses the mark, it is a roadmap to accelerate America’s decline,” the statement read.

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