Trump Economic Advisor: Biden Regulations Strangling Economy

According to Stephen Moore, a former economic adviser to President Donald Trump, the American economy runs serious risks due to the policies of the Biden White House.

Moore argues in a recent column that the United States now has an effective fourth branch of government: federal regulations. Moore advised Trump’s 2016 campaign for president and was nominated by the former president as a governor of the Federal Reserve.

He says that Washington now has “more than 300 of these agencies sticking their nose into every aspect of American life and business.”

This “regulatory explosion,” as he calls it, adds up to $2 trillion in hidden costs to the economy.

Furthermore, the Biden White House has dramatically increased the size and scope of the regulatory state. Moore said that this results in more than 10,000 federal regulations. He stated that the “regulatory octopus” has grown in direct cost from $25 billion to $75 billion over the last 30 years.

The White House passed a number of restrictions on economic activity since Biden took office in 2021. That year, the president signed an executive order placing a moratorium on new oil and natural gas drilling on federal lands and waters.

Such federal land represents almost a quarter of American oil and natural gas production. Biden’s withdrawal from new exploration will likely have a serious negative impact on the American economy.

The president also barred the permit for the Keystone XL oil pipeline, which had been greenlighted by President Trump. Many conservatives believe that Biden’s moves will make the country more susceptible to foreign sources of energy and events overseas.

The adviser’s statements come as Americans are increasingly pessimistic. More than two-thirds of Americans are pessimistic about the state of the national economy.

This figure, according to a CNBC poll, is the highest rate in almost a generation. It also comes at a time of significant political peril for President Biden.

The same poll found Biden’s approval rating slipping from 41% in November 2022 to 39% today. Furthermore, the president’s approval specifically on the economy fell from 38% to 34% during the same period.

Moore is doubtful about the effects of more local Democratic Party policies, as well. Moore cited the recent victory by left-wing Chicago mayoral candidate Brandon Johnson. Moore cited teachers’ union support for Johnson, who he said would be the real power in the city.

Such policies will result in worse outcomes for students and higher taxes, he said.