Former Trump economist Stephen Moore said at a recent media appearance that he thinks the Wall Street markets likely have severe doubts about the possibility of success for Joe Biden’s spending bill.
Biden recently celebrated the passage and enactment of the $1.2 trillion infrastructure bill that makes up the first part of his “Build Back Better” spending plan. The House recently passed the next part, the budget reconciliation spending bill that contemplates trillions more in new social spending programs and tax cuts for high-income blue states. That bill now faces significant challenges in the Senate, where the Democrats cannot lose a single vote if they expect to pass some version of the bill.
Moore looks at the odd combination of rising stock markets, rampaging inflations, and new massive federal spending and says that he thinks markets must be expecting the spending bill to fail or be significantly cut back.
He said that he expects the stock markets are doing so well because many Wall Street analysts believe Biden’s spending bill is doomed to fail. He said that they think Republicans will be able to “kill it completely” or at least get rid of its “worst elements.”
Moore is working with Larry Kudlow, another former Trump advisor, to build a coalition to lobby for killing the Build Back Better bill in the Senate. They are likely to target moderates Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ), who have both expressed serious doubts about supporting the spending measure.
Moore said that he opposes the many tax-and-spend programs contemplated by the bill and hopes to either “kill it” or minimize its damage. He expressed particular opposition to the Green New Deal programs in the bill that would kill American energy production and jobs.
He said that the bill is “one of the worst in American history” and amounts to an open assault on the country’s free enterprise system. He added that although he feels that “all we have been doing for twenty years” is spending money on climate change, the bill’s new spending on climate change amounts to a new “massive multi-trillion-dollar welfare bill.”