Former Trump adviser: ‘No question’ US has strongest economy

President Trump’s former economic adviser said Friday there is “no question” the U.S. has the strongest economy in the world after a strong February jobs report following President Biden’s State of the Union address. .

“One thing Biden said last night was true: It’s true that the United States has the strongest economy today. There’s no question about that,” said former Trump campaign economic adviser Stephen Moore. said on Fox Business Network.

Moore, a former opinion contributor to The Hill, was also nominated by President Trump to serve on the Federal Reserve Board, but withdrew from the race before being formally nominated. Several Republican senators balked at supporting Moore amid growing backlash over his controversial comments about women.

Moore’s comments come after the U.S. economy has shown remarkable resilience over the past year.

Silicon Valley Bank and Signature Bank failed in March 2023, raising fears of a broader banking crisis. Many economists had predicted a recession as the Federal Reserve continued to raise interest rates to the highest levels in more than 20 years to curb high inflation, which is expected to reach 9% in 2022.

But since then, inflation has fallen to about 3%, unemployment remains at historic lows, and economic growth has been strong as the country and the world regain its economic footing from the disruption caused by the pandemic.

The February jobs report released Friday morning beat expectations, adding 275,000 jobs in the U.S. and pushing the unemployment rate slightly higher to 3.9%, making it the longest period since 1969 when the unemployment rate was below 4%. It was the longest since November.

A rate cut in March is largely unexpected for the Fed, but the central bank has signaled plans to cut rates by the end of the year to help guide the U.S. economy to a rare “soft landing” if economic growth cools enough. Control inflation without causing a recession.

But Moore’s comments came with a caveat. “We are the least rotten apple in the wagon.”

“If you look at what’s happening today in Europe, Germany, Britain, France, you look at Japan and China, they’re not growing,” Moore said, adding that the United States has the strongest economy. He softened his statement.