Donald Trump Just Picked A Laughingstock For A Huge Federal Reserve Job
Donald Trump Just Picked A Laughingstock For A Huge Federal Reserve Job
Stephen Moore is a joke in the economics profession.
By Zach Carter, HuffPost US
https://m.huffingtonpost.ca/entry/stephen-moore-federal-reserve-trump_n_5c953977e4b01ebeef0f13e8
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Moore is constantly, laughably wrong. In 1993, he said President Bill Clinton’s slight income tax increase for the wealthiest Americans would “torpedo” the economy. In 2009, he warned that federal budget deficits and the Federal Reserve’s low interest rates were a recipe for hyperinflation, and then doubled down on that prediction. In 2010, he said surging prices would send the price of gold to $2,000 an ounce, as investors fled the worthless dollar for precious metals. None of these things ever happened. He spent much of 2018 applauding President Donald Trump’s supposed efforts to “shoot for” zero tariffs, while Trump actually imposed hundreds of billions of dollars in tariffs.
Moore, unscathed, has bounced from the Cato Institute to the Club for Growth to the Heritage Foundation, happily absorbing the excess capital of conservative think-tank donors in the market for a white guy with the courage to advocate tax cuts. On Friday, in what would be the economist’s greatest, most frightening achievement, Trump announced that he will nominate Moore to the Federal Reserve’s Board of Governors.
The Fed is an important institution, responsible for managing the American economy to ensure “maximum employment” and “reasonable price stability.” As the most powerful bank regulator in the country, it’s also responsible for preventing a financial crisis. There are a lot of problems with the way the Fed currently operates, but none of them will be solved by adding a clown to the board of governors.
Prior to the Trump presidency, Moore’s most prominent policymaking experience was a disastrous tax experiment in Kansas. Along with conservative economist Art Laffer, Moore helped then-Gov. Sam Brownback (R) design a program to slash income taxes on the richest families in the state and eliminate taxes altogether for partnerships, LLCs, S-corporations and sole proprietorships ― essentially small businesses, but also hedge funds, law firms, doctors, people with book deals and other varieties of wealthy persons.
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