Trump Economic Adviser Claims WHAT?!

Donald Trump

(TheProudRepublic.com) – Contrary to what most working-class Americans are feeling as they buy groceries and pay for necessities, a former Trump economic adviser is touting the state of the economy at this stage of Joe Biden’s presidency.

Stephen Moore acknowledged that there is “no question” the U.S. has the strongest economy in the world following a favorable February jobs report that succeeded Biden’s State of the Union address.

Moore, once thought for a position on the Federal Reserve Board by Trump, withdrew from consideration before formal nomination. Several GOP senators expressed reservations about supporting Moore amidst controversial remarks about women.

Moore’s acknowledgment of the U.S. economy’s strength comes amid a year of resilience. For instance, In March 2023, Silicon Valley Bank and Signature Bank’s failures raised concerns about a broader banking crisis.

Many economists predicted a recession as the Federal Reserve aggressively raised interest rates to their highest levels in over two decades which aimed to counter the peak of 9 % inflation in 2022.

Contrary to expectations, inflation has since decreased to around 3 % and has maintained historic lows in the jobless rate, while economic growth remains robust.

The February jobs report surpassed expectations and revealed the addition of 275,000 jobs and a slight rise in the unemployment rate to 3.9 %.

Despite ruling out a rate cut in March, the Federal Reserve signals a future rate reduction later in the year which aimed for a rare “soft landing” where economic growth cools to reduce inflation without triggering a recession.

However, Moore emphasized a caveat: “We are the least rotten apple in the cart.”

“If you look at what’s happening in Europe today, Germany, Britain, France, if you look at Japan and China, they’re not growing,” Moore said while highlighting that the U.S. had the strongest economy.

Copyright 2024, TheProudRepublic.com