Polling data showing growing approval of socialism among Democrats and declining support for capitalism set the stage for economist Stephen Moore’s appearance on Chicago’s Morning Answer with Dan Proft. Moore, co-author of The Plan to Unleash Prosperity, expressed concern that shifting attitudes are fueling policies that weaken cities, businesses, and families.
Moore pointed to the struggles of European economies as a cautionary tale, noting that Germany’s income levels have fallen behind several U.S. states. He warned that if New York elects a socialist mayor, financial institutions could relocate to business-friendly states such as Texas or Florida. “You’re going to run out of rich people to soak,” Moore said, adding that policies in cities like Chicago, Seattle, and San Francisco are already driving out employers.
On trade policy, Moore remained skeptical of negotiations between the United States and China. While President Trump has signaled progress on a framework deal, Moore argued that Beijing often makes promises without following through. He urged caution, warning that China’s global ambitions and disregard for fair competition make it a particularly unreliable partner.
Moore also highlighted new U.S. Census data on household income trends. He praised the economic progress of Asian and Hispanic families, but said Black Americans are falling further behind, citing family instability, failing schools, and high incarceration rates as key factors. He argued that policymakers must address these root causes rather than attributing disparities solely to racism. “The black family survived slavery and segregation, but it has not survived the welfare state,” Moore said, invoking past arguments by economists Thomas Sowell and Walter Williams.
Turning to Federal Reserve policy, Moore criticized the prospect of appointing an economist who supports weakening the dollar to boost exports. He expects a quarter-point interest rate cut in the near term but argued that overspending in Washington, not monetary policy, is the real threat to economic stability. “If you want to cut something in Washington,” he said, “cut the overspending.”
Moore concluded that America’s long-term prosperity depends on resisting what he sees as failed socialist ideas and recommitting to policies that promote growth, stability, and opportunity for all.