Economist Steve Moore said America is heading towards a debt crisis by printing money like a “third world country.”
“You gotta pay the piper at some point,” Moore told War Room, Wednesday.
Moore, the chief economist at Freedom Works and close advisor to President Trump, said it will take generations just to pay the interest on the $28 trillion debt.
“We’re just going to be paying more and more of our taxes in the next 25 years…to pay this off,” he said.
Moore explained the current monetizing of the debt, where the federal reserve pays for the debt by printing money.
“That’s what third world countries do,” Moore said. “That’s what Argentina and Bolivia do.”
“This is so huge that you can’t go through a normal process,” said Stephen K. Bannon.
“Show me anywhere where that story has a happy ending,” said Moore. “Because I can’t find one.”