Economist Stephen Moore joined Dan Proft to discuss recent developments in the U.S. economy, rising inflation, and the early stages of Trump’s return to economic policy leadership. Moore, author of The Trump Economic Miracle, offered strong praise for the current administration’s performance while sharply criticizing Federal Reserve Chair Jerome Powell and government waste.
Moore opened by echoing recent comments from Home Depot co-founder Ken Langone, who told CNBC that he’s now “sold on Trump” and sees the former—and possibly future—president as one of the most effective in U.S. history. Moore said that although he doesn’t always agree with Trump, the president has delivered a strong start on the economy. He pointed to improvements in job growth, a more favorable inflation rate in the 2.5% to 3% range, deregulation, and tax policy as bright spots.
“The big beautiful tax bill got done,” Moore said, referencing the administration’s legislative victory. But he also noted a key area where Republicans have failed to follow through: cutting spending. “They’re not cutting any government spending,” he said, calling the recent $9 billion in proposed rescissions “pathetic” when measured against a $7 trillion federal budget.
Moore and Proft also criticized taxpayer-funded media, singling out NPR and PBS. Both agreed that cutting over $1 billion in funding from those institutions would not only be economically sensible but symbolically important, arguing that the federal government shouldn’t be in the broadcasting business.
The conversation shifted to monetary policy and the future of Federal Reserve Chairman Jerome Powell. Moore accused Powell of being politically motivated, saying he moved to help the Biden administration by lowering rates ahead of the 2020 election but has resisted cutting rates under Trump despite improving inflation data. Moore also called out a $2.5 billion renovation of the Fed’s D.C. headquarters, complete with marble staircases and rooftop terraces, as evidence of waste and poor judgment.
“I think his days are numbered,” Moore said of Powell, predicting he will be out of the job when his term ends next March, if not sooner.
On trade policy, Moore acknowledged the risks of Trump’s tariff-based approach but praised the results so far. He noted the market tends to react negatively when Trump talks tariffs but rebounds when new trade deals are announced. He credited Trump with negotiating more favorable terms for U.S. exports, including tech products, cars, and agriculture.
While not personally in favor of tariffs, Moore said the administration has used them strategically to gain leverage. “If it works—and that’s a big if—you could actually have lower tariffs on American products. That’s a good thing,” he concluded.
The interview painted a picture of cautious optimism from one of Trump’s most vocal economic supporters. Moore sees promising early signs of prosperity and policy success, but he also urged Republicans to get serious about spending cuts and hold government institutions accountable.