President Joe Biden (Alex Brandon/AP)
https://www.newsmax.com-By Nick Koutsobinas
Former Trump economic adviser Stephen Moore said Sunday people are not buying that inflation is transitory.
“The inflation rate continues to rise; I don’t think anyone hears the word ‘transitory’ without laughing out loud when the Fed Reserve Board and the White House says that inflation is transitory,” Moore told Sunday’s “The Cats Roundtable” on WABC 770 AM-N.Y., hosted by John Catsimatidis.
Also, on Sunday, Treasury Secretary Janet Yellen said inflation would end when the pandemic gets under control.
But Moore does not believe it.
Inflation keeps getting “worse and worse; prices are up 6.2% over last year,” Moore lamented.
“This is a real hardship for the people at the bottom of the economic ladder,” he added. “Inflation is the cruelest tax … It’s a regressive tax. It hurts people at the bottom.
Biden is not being truthful to the American people when he is saying he means no harm to poorer Americans.
“When Joe Biden says, ‘I’m not going to tax people who make less than $400,000 a year,’ he’s already taxing people who make [less than] $400,000 a year, because every time you go to the gas pump, every time you try to rent a car,” Americans feel the pain, according to Moore.