Economist Stephen Moore joined Chicago’s Morning Answer with Dan Proft to deliver a wide-ranging critique of federal economic policy, the Federal Reserve, and blue-state governance. Moore, a former Trump economic advisor and author of The Trump Economic Miracle, didn’t hold back in his assessment of current Fed Chair Jerome Powell, Illinois’ population losses, or Transportation Secretary Pete Buttigieg’s priorities.
Moore echoed Proft’s description of Powell as a “mystic” whose monetary policy decisions have fueled inflation and overstepped the intended role of the Fed. Citing Powell’s role in allowing inflation to spike to 9% and his earlier rate hikes that threatened recession during the Trump administration, Moore argued that Powell’s leadership has been a net negative. He also criticized the Fed’s $2.5 billion renovation plan for its D.C. headquarters, comparing it to a luxury spa outfitted for bureaucrats rather than a public institution safeguarding the dollar’s value.
Looking ahead to Powell’s expected replacement in 2026, Moore floated names like Kevin Hassett and Larry Kudlow as possible sound-money advocates who could refocus the Fed on its core mission of protecting the dollar. He joked about taking the job himself—but only if he could secure a waterfall and hot tub for his office like the current Fed seems to enjoy.
On trade, Moore credited Trump’s tough stance on tariffs with producing better deals, even as he reiterated his own preference for free trade. He noted Trump’s successes with Japan and the Philippines in leveling the playing field for American exports. Although acknowledging the risks of tariff talk roiling markets, Moore said the strategy appears to be paying off, with foreign governments increasingly willing to meet U.S. demands.
Turning to domestic economics, Moore previewed the launch of a new data platform from his group, the Committee to Unleash Prosperity, called VoteWithFeet.com. The website will track migration trends and income shifts between states using IRS data. Illinois, Moore revealed, ranks third worst in the nation, having lost nearly $100 billion in income over the last decade. Only California and New York have fared worse.
Moore emphasized that these shifts are driven by policy—not weather. Red states with no income taxes like Florida, Texas, and Tennessee are seeing explosive growth, while high-tax blue states are hemorrhaging residents. He warned that if New York elects Democratic Socialist candidate Zohran Mamdani as mayor, it could spark the largest outmigration in city history, much like what has already happened in Chicago.
Moore also reacted to reports that the Biden administration may seek to eliminate capital gains taxes on home sales. He suggested a better idea would be to index capital gains to inflation, allowing homeowners—especially older Americans—to avoid being taxed on phantom gains due purely to dollar devaluation over time.
Finally, Moore blasted Transportation Secretary Pete Buttigieg’s handling of infrastructure funds. According to Moore, Buttigieg has overseen the spending of $80 billion on DEI (Diversity, Equity, and Inclusion) initiatives while delivering just 384 EV charging ports—an estimated $15 million per port. He pointed to this as a prime example of misaligned priorities and questioned Buttigieg’s rumored presidential ambitions.
“This is a matter of public safety,” Moore said. “While potholes go unfilled and trains derail, the DOT is busy checking diversity boxes.”
Moore urged listeners to visit VoteWithFeet.net to explore the data behind state-level policy outcomes and get involved in pushing for change, particularly in states like Illinois.
“Maybe it’s time,” Moore said, “for some new leadership.”