Stephen Moore is a highly qualified pro-growth economist and an inspired choice to serve on the Federal Reserve’s Board of Governors, but the only thing that matters to his leftist critics is that he supports the president of the United States.
Since Moore’s nomination, The New York Times, Senate Minority Leader Chuck Schumer, HBO comedian John Oliver, and even a former Congressman from Missouri have all tried to delegitimize Moore’s outstanding record because of their hatred for President Trump. Who could have seen that coming?
"These are the people who have gotten it wrong for the past week or four years, who said that if Donald Trump is elected president, we would have a second Great Depression and the stock market would crash," Moore recently observed.
It was no exaggeration. Prior to the 2016 election, The New York Times predicted that “the stock market would fall precipitously” if Donald Trump won, and comedian John Oliver said that President Trump is “a disaster and we’re all going to die.” After Trump’s victory, Schumer made sure to distance himself from the President-elect before Hillary Clinton even had time to process the reality of her defeat.
Now, Moore’s latest detractor has gone so far as to accuse President Trump of treason based on the now-discredited Russia collusion hoax. Some people just can’t move on, the facts be damned. To put it mildly, Moore’s enemies are nothing more than embarrassed partisans who are attacking him as a proxy for the president.
Their embarrassment grows from the glaring mistake they made by failing to forecast the current economic surge. That miss has intensified their hatred of President Trump as the economy keeps on growing.
Contrary to their doom and gloom forecasts, the economy created more than 2.6 million jobs in 2018. Both the unemployment rate and initial claims for unemployment benefit are sitting near 50 year lows while year over year wage growth has been at or above 3 percent for eight consecutive months. When President Trump took office, there were nearly 2 million more people unemployed than there were job openings. There are now nearly 900,000 more job openings that people unemployed.
According to a recent poll released by CNN, more than 70 percent of Americans believe the economy is in “good shape,” the highest number to say so in over 18 years.
Moore is exactly the type of “growth hawk” President Trump and the American people need at the Federal Reserve
In fact, had it not been for the Federal Reserve’s ill-advised interest rates hikes last year, the economy would be even stronger than it is now — something Fed Chairman Jerome Powell seemed to recognize when he reversed plans to raise rates even further in 2019. Moore wisely cautioned against rate hikes all along, suggesting that he’ll be a powerful voice within the central bank defending the interests of working Americans.
The Wall Street Journal praised Moore’s prescience on interest rates, saying he “has certainly been proven right in his warning last autumn that the Fed was tightening policy too fast.” The editorial also noted that Moore’s nomination “has triggered a remarkable cascade of derision and condescension from the political left and the poohbahs of the economics academy,” which the Journal’s editors interpreted as a strong indication that “he’s the right man for the job.” They’re right.
Moore is exactly the type of “growth hawk” President Trump and the American people need at the Federal Reserve — someone who “will try to make sure that America grows as fast as it can, and that wages rise and that we have a long period of prosperity through a sound monetary policy,” as Moore himself described his approach.
Liberal politicians, comedians, and media outlets are trying to derail Moore’s nomination, but their hysterical attacks are just further examples of the Trump Derangement Syndrome that has taken hold of the professional left. They will be even more humiliated when President Trump is proven right yet again. Moore is exactly the right man to guide the Fed toward a more reasonable policy that will secure the economic gains our country has made over the past two years, and that might just be what Democrats and their allies fear the most.