'Reckless' government spending to blame for potential recession, economist says

WASHINGTON (TND) — With rising interest rates and the looming threat of a deep global recession, former White House economic adviser Steve Moore joined The National Desk Monday to discuss the U.S. economy.

"Well, I do think the economy is in some trouble right now. No question about it," Moore told The National Desk's Jan Jeffcoat. "You still have inflation problems, and there's no easy solution right now."

The Federal Reserve has aggressively hiked interest rates in recent weeks with the hope of undercutting high inflation. More big increases are expected in the future.

Such moves pump the brakes on economies by design, The Associated Press explained, in hopes that slower purchases by households and businesses will deflate inflationary pressures. But they also threaten a recession, if they rise too far or too quickly.

Moore said the U.S. should have never gotten to this point.

The Fed and the White House really got the story wrong last year about inflation. Remember the word 'transitory' for inflation? Well, it turned out not to be transitory. It was pretty deeply rooted. And so I do think some tough times are ahead," Moore said.

What caused the inflation millions of Americans are feeling today was, according to Moore, the "reckless trillions and trillions of dollars of spending bills that were dumped into the economy."

For more of this interview, watch the full video above.