The policies of the Biden administration caused the explosion of inflation that has left so many Americans with less spending power, Freedom Works senior economist Steve Moore told Breitbart News on Monday.
“For the two and a half years that Biden has been in office, the average American family has lost about $3,500 to $4,000 of income in terms of real purchasing power,” Moore said on Breitbart News Daily. “Month after month, Biden is making Americans poorer, not richer.”
Moore said that it is the Biden administration’s spending policies that have caused inflation to rise at the fastest pace in four decades.
“This inflation didn’t happen by accident. This was a direct result of Biden coming in and spending $6 trillion that we didn’t have. Dumping free money out of the windows of helicopters,” Moore said.
Fed Fell Behind the Curve
The Federal Reserve, which is legally charged with maintaining price stability, fell “behind the curve” by not raising interest rates when the Biden administration kept up its reckless spending, Moore said.
“The big problem with the Fed and Jerome Powell was not this past year, but the year before that,” Moore said.
Moore said he agrees with Larry Kudlow, who hosts Kudlow on Fox Business at 4:00 p.m., that Fed chair Powell should urge Congress and the White House to “stop spending and borrowing so much.”
“The Fed historically would chastise Congress,” Moore said. “The Biden spending spree, which has really been the most reckless in history, is what has caused these problems.”
Breitbart News Daily airs on SiriusXM Patriot 125 from 6:00 to 9:00 A.M. Eastern.