Ex-Trump Economic Advisor Tells Fox News Worsening Inequality Is a Myth, Says Billionaires Make 'The Rest of Us Richer'

Stephen Moore, a former economic adviser to President Donald Trump, on Monday dismissed the notion of a worsening economy as "mythology" and argued that the proliferation of billionaires "makes the rest of us richer."

During a segment earlier today on Fox News' Outnumbered Overtime, host Harris Faulkner cited a Washington Post columnist on how the internet has made the workday longer by always providing a link to the office, enabling workaholics and encouraging extra work.

"The trouble is that all this extra work and the income it generates is heavily skewed toward the economy's upper strata. Hence, the leap in inequality," wrote columnist Robert J. Samuelson.

"I don't buy it for one minute," Moore responded. He then equated access to technology with access to success, stating that technology is "amazing" and having a cell phone makes everyone more productive.

"You even go to poor places in Africa now, in remote villages, and they all have cell phones," he said with enthusiasm. "I think it's actually been an equalizer."

Economists Edward E. Leamer and J. Rodrigo Fuentes published the UCLA study on income inequality as a working paper by the National Bureau of Economic Research. They found that higher-income employees were spending more time at work, no matter where they were, with the biggest increases seen in workers with bachelor degrees or higher.

"The innovations in personal computing and internet-based communications have allowed individual workers the freedom to choose weekly work hours well in excess of the usual 40 [hours a week]... The benefits... accrue primarily to the few who can use the new technology to create value during the long hours. This requires both natural talent and high levels of education," they wrote.

Steven Moore
Steven Moore on Monday argued that the worsening economic inequality is a myth during an appearance on Fox News. Fox News/Screenshot

Faulkner inquired about the state of America's middle class, where she said we're seeing "a dissolution" and asked Moore why that was occurring.

He said that was a mythology.

"If the middle class is disappearing," he said, "it's only disappearing because the middle class is getting richer, which is a good thing." He claimed that wages at the bottom were rising, as well.

"The fact that we have people like Bill Gates and Warren Buffett and Tom Brady who make millions and billions of dollars doesn't make the rest of us poorer, it makes the rest of us richer," said Moore.

"It's an interesting point," Faulkner said.

After admitting we have manufacturing jobs leaving the country and coal mining jobs have dwindled, Moore said one of the main reasons for Trump's big tax cut was to make American businesses more competitive so those jobs would stay here.

"Is it working?" asked Faulkner.

"Yeah, absolutely it is," he said.

Ex-Trump Economic Advisor Tells Fox News Worsening Inequality Is a Myth, Says Billionaires Make 'The Rest of Us Richer' | U.S.