The strange phenomenon of Wall Street markets rising while inflation rages and more massive spending bills pass the House and head to the Senate might be on the expectation of the bill not passing or at least being whittled down more, according to former Trump economist Stephen Moore.
"Why is the stock market doing so well? My suspicion is that a lot of the folks on Wall Street believe this bill is not going to happen," Moore told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y., referring to the roughly $2 trillion Build Back Better plan being pushed by tax-and-spend Democrat President Joe Biden. "They believe Republicans will be able to get rid of the worst elements of it, and maybe kill it completely."
Moore and former Trump economic adviser Larry Kudlow are leading a coalition to kill the bill in the Senate, where moderate Sens. Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz., are threatening to hold out.
Democrats need all 48 in their party, along with the two Senate independents and Vice President Kamala Harris' tiebreaking vote to pass the budget reconciliation bill against 50 Republican senators.
"If we don't kill it, we can still get rid of a lot of the worst features in the bill so that it doesn't do so much damage," Moore told host John Catsimatidis.
Moore, a staunch fiscal conservative, opposes the tax-and-spend initiatives in the bill, particularly the energy-killing goals pumped into it from the progressive's Green New Deal push.
"I regard this as one of the worst bills in American history," Moore said. "It is an assault on our free enterprise system, our energy independence. It is bad for people who are working hard that people are going to get all these welfare benefits.
"It's a massive multi-trillion-dollar welfare bill. And it also has massive amounts of money for climate change research. All we've been doing for the past 20 years is spending money on climate change."
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