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Tags: grover norquist | stephen moore | economy

Norquist to Newsmax: Under Biden, Economy Will Worsen

By    |   Sunday, 17 December 2023 01:46 PM EST

Grover Norquist, the president of Americans for Tax Reform, said Sunday on Newsmax that President Joe Biden's economic policies have been "a little worse" than the disaster he expected, but the future will be "significantly worse" with the plans the president wants. 

"In addition to the inflation that has made the average American poorer than when he took office, people are in a worse position because of Biden, because of the spending, because of his taxes, because of the inflation," Norquist, who appeared on Newsmax's "Sunday Report" with Stephen Moore, a senior economic adviser when former President Donald Trump was in office, commented.

Biden, Norquist added, "wants to take our taxes on businesses up higher than China's" while Trump and Republicans dropped taxes lower to make the United States more competitive.

"Biden says No, no, I want taxes on every American business … what disaster he has planned for us," he said. "If you think it's bad, [he] plans worse."

However, while many Americans believe the country is in a recession, Moore said that's not true, adding that "the economy is no doubt stronger today than it was a year ago."

Still, when Trump left office, the inflation rate was only at 1.6%, he said. 

"Donald Trump is right," said Moore. "Everything is 20% more expensive today than it was on average when Trump left office. You can really describe that as a regressive tax that hits low-income, working-class, and middle-class people the most. The wealthiest 1% are not really affected much by inflation."

This means Trump has a "very good chance of winning" the presidential election in 2024, said Moore. 

"You've got what I call middle-class squeeze, where people, their paychecks are simply not keeping up with inflation," he said. "The average family during the Biden presidency is about $2,500 poorer today than they were when he came into office."

Moore said he's also concerned about the rising mortgage rates and their effect on Americans. 

"They were about 3% when Trump left office, and they went up to as high as 8% a few months ago," said Moore. "The good news is those interest rates are starting to come down a little bit now, so there's a little bit of relief, but you know when you have those higher mortgage rates, people like me, who's a homeowner? You know, my principal asset is my home, so it depresses the value of the house. But for someone like my kids who want to buy a house, they can't afford it."

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Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2024 Newsmax. All rights reserved.


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Grover Norquist, the president of Americans for Tax Reform, said Sunday on Newsmax that President Joe Biden's economic policies have been "a little worse" than the disaster he expected, but the future will be "significantly worse" with the plans the president wants.
grover norquist, stephen moore, economy
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2023-46-17
Sunday, 17 December 2023 01:46 PM
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