Following significant Republican losses in the midterm elections, economist Steve Moore is calling for immediate presidential action to address voter concerns about affordability, particularly rising gas prices. Moore argues that these economic pressures were a primary driver of the election results and that the president must demonstrate an understanding of the financial stress faced by Americans.
In an opinion piece for Fox News, Moore suggests the president should deliver a national address acknowledging voters' anger and financial anxieties. He proposes pledging that all future policies will be evaluated based on their impact on the economic well-being of working-class Americans, farmers, ranchers, and small business owners. Moore specifically advocates for an immediate executive order to reduce gas prices by at least 50 cents per gallon.
Moore also recommends temporarily suspending the federal gas tax, currently 18.4 cents per gallon, until national gas prices fall below $4 per gallon. Additionally, he suggests suspending renewable fuel regulations, which he claims add as much as 45 cents to the cost of a gallon of gas and diesel. He points to the exit polls showing a majority of voters felt their personal finances were worsening, indicating a loss of confidence in the administration's handling of economic issues.
Moore challenges Democrats in Congress to support these measures, framing it as a test of their commitment to lowering gas prices. He suggests that if they block such actions, it would demonstrate a lack of seriousness about providing relief at the pump. He also calls for passing permitting reform to expedite the construction of new refineries and pipelines, arguing that policies restricting domestic energy production contribute to higher prices.
Moore further urges the president to challenge governors, particularly in states with high gas taxes like California and Illinois, to lower or suspend their state gas taxes. He believes these combined actions could lead to significant price reductions, offering "real affordability" that he suggests voters prioritized in the recent elections.