Stephen Moore, an economist who advised the 2016 Trump campaign, says the president should reject a “gambit” by “Queen Nancy Pelosi” to force taxpayers to fund bailouts for Democrat-run cities under the guise of COVID-19 relief.
In his weekly column, Moore noted “the liberal news media’s collective primal scream” recently makes some people “think the American economy was lying flat on its back” and is “in the intensive care unit.”
Acknowledging that the U.S. economy has been “battered” this year by the pandemic, Moore asserts it is worse “in blue states that have masochistically shut down their hometown businesses,” adding that more people have been “signing up for unemployment benefits” as closures increase.
However, “in most red Staes that are keeping commerce flowing,” Moore writes, “despite the second deadly wave of the virus, unemployment is typically below 6%.”
Overall, “jobs recovery has been so strong that we have 94.5% of the jobs we had before the worst pandemic in a century, and total wages and salaries are back up to 99% of their previous all-time high,” Moore continued. “The latest Labor Department reports that at the end of October there were 6.7 million unfilled jobs.”
Nevertheless, despite improving employment and economic conditions, “House Speaker Queen Nancy Pelosi” is pushing for another trillion-dollar COVID stimulus package that Moore says the country doesn’t need.
He says the money would primarily be used for “bailouts to teachers unions, blue state governors and mayors, and airlines” and “would do more harm than good.”
“The only way to give money to blue states is to take it from red states,” Moore argued, noting that President Trump’s “supercharged recovery policy” has performed “the opposite of what” most “Keynesian economists” in academia and on Wall Street have been pushing “for months.”
He credited the president for “wisely” rejecting “a second debt bomb package” Americans were told is vitally needed, though “12.4 million more jobs were created without it.”
Moore said that he and University of Chicago economist Casey Mulligan “estimate Trump saved 3 to 5 million jobs by not agreeing to a $600-a-week bonus unemployment benefits,” which supporters of the rejection have argued would only serve as an incentive for people to stay out of work.
The Heritage Foundation senior fellow said the Congressional Budget Office has estimated that “‘roughly five of six recipients’ were getting more from unemployment insurance payments than they would from working.”
While most Americans support social safety nets, during a pandemic for people who lost jobs, it is ludicrous to pay people more to not work, Moore argued, adding that doing so is not a “‘stimulus’ for the economy.”
He also said reopening schools would allow about three or four million more Americans, most of them working mothers, to get back into the workforce.
Moore then speculated, “The media is unfairly trashing the economy for two reasons. First, they despise Trump and can’t believe that he has given us the swiftest recovery in American history. Second, the liberal media is all in on Queen Nancy Pelosi’s gambit of passing a $1 trillion blue state bailout.”
The new package is really just “taxpayer handouts” to Democratic Party constituents including mayors, governors, corporations, and teachers unions, Moore continued.
“[A]ble-bodied Americans who are not working will capsize Trump’s amazing economic recovery, not help it,” Moore wrote. “A cynic might suspect that this is the real goal.”
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