Anthony Scaramucci Wikimedia Commons.
President Donald Trump’s spending in his second term, which is on pace to reach $9 to $10 trillion by the start of 2029, is so bad that one of Trump’s former aides believes a Democratic president would be impeached for it.
“If Barack Obama had done half of what Trump is doing now, Fox News would have been calling for impeachment,” Anthony Scaramucci, former White House Communications Director during Trump’s first term, posted on X on Tuesday.
“Trump has no economic philosophy,” he added. “He spent $8.2 trillion in his first term and he's on pace for $9 to $10 trillion in this one. We're at 100 percent debt to GDP held by investors — 122 percent if you count the Fed's balance sheet. Ray Dalio will tell you those numbers put you in sovereign debt crisis territory. And when that happens, the only way politicians are willing to pay for it is through inflation. Which is the cruelest possible outcome, because inflation is the worst tax you can impose on lower and middle income people.”
Earlier this month, Scaramucci even pointed out that his Wall Street friends are concerned about Trump’s economic policies.
"Trump is too dangerous,” Scaramucci said at the time. “It’s funny, all my Wall Street buddies voted for him and now they’re regretting the fact," later clarifying that "most of the people are.”
"I’m of the belief that prices are higher,” Scaramucci said. “We have an oil crisis. He imposed illegal tariffs, which raised the pricing umbrella for all the lower-middle-income people that voted for him. He’s put us in a very vulnerable state as a country and an economy. If you want to make the case that the banks have record profits in the short term, sure — but he’s also suing some of the banking executives. You are losing the predictive capability of our justice system — what our civil rights are, what our free speech rights are. It’s very, very bad for business."
Speaking with this author for Salon in 2018, Scaramucci explained that even then he was concerned about Trump reaching out to and connecting with voters who struggle economically.
“What I saw was in a generation we went from aspirational working class families, like the one I grew up in, to [desperate] working class families,” Scaramucci said. “What I saw is a decline in wages causing some level of economic asphyxiation for a very large group of people. And so Trump being out there, going into those areas, explaining the policies that he’s going to put in place, and then executing on some of those policies. I mean it’s not me saying, it’s just go look at ‘The Wall Street Journal.’”