By Duncan Smith
Spending money as fast as it can be printed while at the same time destroying capital and income, depressing GDP, and raising taxes on job and wealth producers will all combine to trigger a major financial crisis over the next 18 months, says economist Stephen Moore.
In an interview with The Epoch Times, Moore laid out all the ways the Biden regime and Democrats are setting the country up for a massive economic downfall.
'There is a debt hangover coming. And if we stay on this path that the Biden administration wants us on, I believe there will be another financial crisis,' Moore said.
'I think sometime in the next 18 months, there will be a big correction,' he added.
The outlet reported:
His comments came after a group of bipartisan senators and the White House announced a deal on an infrastructure package with $550 billion in new federal spending. Soon after the announcement, the Senate voted 67–32 to begin debate on the measure, with 17 Republicans joining Democrats.
Many conservatives including Moore believe that vote for the bipartisan infrastructure bill is a de facto vote for President Joe Biden's larger $3.5 trillion social package that calls for tax increases and higher spending on education, child care, climate change, and Medicare expansion. …
Besides growing debt, 'massive misallocation of resources' is causing trouble, he says, citing generous federal benefits that disincentivize work as an example.
Many business owners across the country have been complaining that they can't compete with the benefits offered by the federal government. The supplemental unemployment benefit introduced during the pandemic is seen as one of the factors that have contributed to the severe labor shortage in the country.
He went on to note that there is $1 trillion that remains allocated but unspent from ‘COVID relief.’
'Why don't we take those trillion dollars,' Moore asked, 'and use that for roads and highways and not appropriate another trillion on top of what we've already borrowed?'
He also predicted that the Biden-Democrat-caused inflation will continue rising under current fiscal policies.
'We're putting a lot of hopes and prayers on this idea that inflation is going to go away. But if we pass another $4 trillion spending bill, I guarantee you inflation is going to go up,” he said.
To heck with 2024; 2022 can’t get here soon enough.
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Don't let yourself be UNPREPARED for the financial reset that IS coming