According to the former senior economic advisor of the Trump administration, Mr. Steve Moore, there won’t be an economic recession in the US, and he believes that the President of the US has a better take at the economy than the Federal Reserve economists. In a statement to the Sunday Morning Futures, he said a peculiar thing about Donald Trump is that even though he is not trained in economics, he has a way better take at the current economic situation than hundreds of Ph.D. economists at the Federal Reserve.
Moore, further elaborated that the US economy has slowed down because of the Federal Reserve’s stringent monetary policies and the ongoing US-China trade war and he still supports the way President Trump’s way of handling the current situation to get the economy back on track. China is creating enormous problems for the US, whether by stealing their intellectual property or whether by closing its market to the US economy. According to the Former Economic Advisor, President Donal Trump is fighting a hard fight against the Bejing Administration. He also said that the current scenario is a short term loss for a long term win. He also accepted that the US economy is being hurt in this procedure, and the US citizens are becoming collateral damage.
Federal Reserve cut the interest rates by a quarter-point last month. President Trump still fired at the US Central Bank and the Chairman, Mr. Jerome Powell for not making a larger interest rate cut. Moore said that cutting the interest rate by a whole point would be very aggressive. According to Mr. Steve Moore, the Federal Reserve should inject more paper money into the US economy, and this step should be taken as soon as possible. He also called the central bank for holding an emergency meeting. He said that the administration should not wait for mid-September as it would be too late and the economy would have slowed down by then.