Economist Stephen Moore, author of Trumponomics and The Plan to Unleash Prosperity Again, joined Chicago’s Morning Answer with Dan Proft to discuss the political and economic fallout from the election of Democratic Socialist Zohran Mamdani as mayor of New York City. Moore warned that the results mark a turning point for both the city’s future and the direction of the Democratic Party.
Moore predicted that Wall Street’s migration out of New York will accelerate as businesses flee higher taxes, growing regulation, and anti-capitalist rhetoric. “New York will no longer be the home of Wall Street,” Moore said. “The big bull statue is going to need to be lifted up by a crane and moved to Dallas.” He noted that Texas recently launched its own stock exchange, which he believes will quickly become the financial hub of the country.
Calling Mamdani’s campaign “a real-life lesson in socialism,” Moore said New Yorkers will soon experience the economic consequences of policies that promise “free everything.” He compared the city’s direction under Mamdani to the struggles of Chicago under Mayor Brandon Johnson, warning that the same combination of tax hikes, spending, and public-sector dominance would devastate New York’s economy.
Turning to national politics, Moore criticized the ongoing government shutdown standoff in Washington, calling it the deliberate outcome of Democratic leadership. “This chaos is exactly what Chuck Schumer wanted,” he said, arguing that Democrats are using the impasse to apply pressure on Republicans and the public. Moore also highlighted the impact on travelers, military pay, and essential services like air traffic control, which he said were being “held hostage for political gain.”
Moore agreed that Rep. Alexandria Ocasio-Cortez and her allies on the left are ascendant, saying the Democratic Party “has moved way to the far left” and that AOC will remain a major political force whether she runs for Senate or the presidency. “This isn’t your grandparents’ Democratic Party anymore,” Moore said. “It’s become a party of radical socialism—and that should scare every American.”
Discussing young voters’ enthusiasm for Mamdani and similar candidates, Moore blamed the education system for failing to teach economic history. “This is an indictment of our schools,” he said. “These kids don’t understand that socialism has failed everywhere it’s been tried—from Venezuela to Cuba.”
Finally, Moore weighed in on a major Supreme Court case concerning presidential authority over tariffs, which he called “one of the most important economic cases in years.” While acknowledging his support for Donald Trump, Moore said the Constitution clearly places taxing authority in Congress, predicting that the Court would likely rule against Trump. “As conservatives, we shouldn’t want any president—Republican or Democrat—to have unilateral power to raise taxes,” he said.
Before signing off, Moore offered a sardonic congratulations to listeners in Illinois. “Chicago,” he quipped, “you’re no longer the most socialist place in America. New York just took the title.”