A one-time Trump choice for the Federal Reserve Board is cautioning Republicans that the weakened economy may become a midterm nightmare.
“Republicans could face a tsunami election in November if inflation continues to stay high,” economist and co-author of The Trump Economic Miracle, Stephen Moore, told The New York Times.
Moore acknowledged that he was not “surprised” by the economic fallout from Trump’s war in Iran, as administration officials have reportedly been studying market data while bracing for the national average gas price to potentially reach $5 a gallon.
The economist described gas prices as “the chief gauge people use to determine how the economy is doing,” a trend that appears to be reflected in recent polling, with rising prices eroding public confidence in the economy.
The latest CNN/SSRS poll found that Trump’s net approval rating on the economy had fallen to 30 percent, the worst level recorded for him on the issue.
“It’s one thing after another, and I think that is why people feel so bad,” Moore told The Times.
Moore’s comments are notable given his close association with Trump, having advised his first presidential campaign and authored Trumponomics, a book praised by the 79-year-old president. He was later unsuccessfully nominated for a position on the Federal Reserve Board and has not typically been critical of Trump’s economic policies.
“It’s quite hard to point to things that people would feel great about that would inspire a lot of optimism,” the economist continued, adding that the only people who could currently benefit from the state of the economy are those at the “top of the income distribution.”
Yet, despite growing criticism and clear signs of economic anxiety among Americans, Trump has not indicated that he fully grasps the urgency of the situation.
When asked by a reporter on Tuesday, “When you’re negotiating with Iran, Mr. President, to what extent are Americans’ financial situation motivating you?” the commander in chief responded: “Not even a little bit,” adding, “I don’t think about Americans’ financial situation.”
The president has also repeatedly described the affordability crisis facing Americans as a “hoax,” even as gas prices rise following the closure of the Strait of Hormuz and grocery costs record their largest jump in four years.
Data from the Bureau of Labor Statistics shows grocery prices—an area Trump vowed to bring down during his 2024 campaign—are up 2.9 percent compared with a year ago.
According to The Wall Street Journal, Trump has told aides that he does not care about the outcome of the crucial November midterm elections and has blamed his party for failing to improve his political optics.
He is expected to hit the campaign trail as many as 30 times before November, with the White House hoping his presence can help sway voters who might otherwise stay home.
At the same time, voters in his home state of Florida have reacted sharply to his reported comments about their financial situation, with one calling the president a “pompous idiot” in an interview with MS NOW.
The Daily Beast has reached out to the White House for comment.
