The former Trump economic advisor Steve Moore was told ‘in the morning about the Democrats who lost the battle of ‘Schumer Shumerdown’, warning that Statoff has a limited impact on the economy, but government spending poses a real threat to the future of America.
First on fox: Former economic advisor to Trump and Unleash Stere Moore has expressed alarm over a plan by Senators Josh Hawley and Bernie Sanders to raise credit card interest rates by 10%.
Moore argued that while their proposal was politically unpopular, it would harm millions of Americans and suggested that President Trump would support the measure.
“Trump has a little bit of an economic clout,” Moore told Fox Business. “I don’t know his position on this, but I saw him and I was able to say this is not fair to low-income people.”
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Woman holding credit cards. (Stock / istock)
According to Moore, spending money remains a major concern of voters in the current election.
“Availability of money is:
In its new report, why credit card caps are dangerous for consumers, the Watchdog Group highlights the growing challenge of mortgage credit card debt and warns that interest rates may backfire.
He points out that such credit card regulations will deny millions of low-income Americans access to credit, while leading banks to cut rewards programs, raise fees and tighten eligibility.
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A credit card is placed on a credit card payment processing machine. (Frederic J. Brown/AFP via Getty Images/Getty Images)
“There’s a lot of talk in Congress about cutting consumer spending by reducing credit card fees and interest rates, and when they’ve tried to do that with debit cards,” it confirmed.
“This would deny people with low credit ratings access to credit and debit cards.”
Moore’s report notes that 82% of US households now have at least one credit card, up from 45% in 1980, indicating that access to credit has become an integral part of American life.
With more than 500 million credit cards in circulation, Moore warns that the proposed cap could reverse decades of progress.
“Now 83% of Americans have one credit card, and most have two or three. That’s been a good thing for low-income people,” he explained.
“But most of them will lose access to credit cards and points and other rewards.”
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Heritage Foundation Visiting Senior Economist Stephen Moore, left, accompanied by President Donald Trump, speaks in the Oval Office Aug 7, 2025, in Washington, DC (Win McNamee/Getty Images)
Moore also warned that the plan would hurt those with low credit scores.
“Low-income people usually, not always, but they usually have low credit scores, so they’re at a higher risk of debt. It’s going to save some money, yes, but it’s going to deny low-income people and that’s not doing them any favors,” he said.
Moore also urged Americans to be more cautious about debt.
“This is a problem with financial education,” he said. “People should know that there are better ways to get credit card loans.
“It’s a big problem in America for people to take on too much debt. Therefore, one of the things we need is financial literacy in this country and for people to know how not to do that.”
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In his report, Moore also drew parallels to past regulatory failures, such as Illinois’ 36% Loan Debt, Warning that new restrictions’ would have reinvigorated the lenders who are lending to the borrowers.
“The system is not broken,” Moore said. “But regulations that make cards with unlimited benefits and the risk of loss threaten an efficient and economically important market.”
