Economist Stephen Moore joined Dan Proft on Chicago’s Morning Answer to issue a stark warning about the rising influence of socialism in big-city politics and its economic consequences, particularly in New York and Chicago. The wide-ranging conversation touched on everything from the Democratic Socialists of America’s influence on local elections, to bank “de-banking,” to the cultural disconnect between American CEOs and the public.
Proft opened the segment by highlighting recent remarks made at the Democratic Socialists of America’s 2025 conference in Chicago, including a speech from a DSA leader praising New York City mayoral candidate Zoran Mamdani’s plan to provide free gender-affirming care to individuals nationwide—plans that would involve flying people into the city and housing them. Proft connected the comments to a broader movement within urban politics to “seize state power” and pursue radical economic and social reforms.
Moore, a longtime economic adviser and co-author of Trumponomics and Govzilla, agreed with Proft’s concerns, pointing to historical examples of socialist policy failures. “People don’t realize that the last great socialist leader was Mao Tse-Tung,” Moore said, referencing the 50 million people who starved to death under government-run agriculture in China. He warned that proposals like government-owned grocery stores, such as those floated in Chicago under Mayor Brandon Johnson, echo similar failed policies and ignore historical lessons.
The economist highlighted a new website, VoteWithYourFeet.net, which allows users to track migration patterns between states. Moore noted that Illinois and New York continue to lose residents and wealth to lower-tax, business-friendly states like Texas and Florida. “New York has lost 2.5 million people and $100 billion in income over the past decade,” Moore said. “If New York elects a socialist mayor, Wall Street could pack up and leave for Dallas or Miami.”
In one of the more surprising revelations, Moore shared that Dallas now has more financial services jobs than New York City—a reversal of decades-long trends. He blamed progressive tax policies and the city’s high combined tax rate, which he pegged at nearly 60% when including federal, state, and local levies.
The conversation also turned to former President Donald Trump’s recent claims that major banks like JP Morgan Chase and Bank of America severed ties with him after he left office, despite holding accounts “loaded up with cash.” Moore called the actions “ideological debanking,” criticizing financial institutions for putting politics above profit. “What kind of bank turns away a customer because they don’t like their politics?” Moore asked. “That’s just stupid.”
Despite the heavy topics, Moore expressed optimism that corporate America is slowly waking up. He recounted a speech he gave to Fortune 500 CEOs at Yale’s School of Management, where he criticized the business elite for being “out of touch with real America” and obsessed with progressive causes. While he anticipated backlash, Moore said several executives later admitted he was right—particularly after witnessing the financial fallout from Bud Light’s controversial ad campaign.
Moore ended the segment by reiterating that the U.S. is a “center-right country” and warned that unless there is a reckoning with the economic and social policies now taking root in major cities, their decline will continue. He pointed to the outmigration from blue states as proof that Americans are voting with their feet.
“Chicago, New York, San Francisco, Los Angeles—they either change or continue to die,” Moore concluded.