Opinion: Stephen Moore could inflict more long-term damage than any of Trump’s other nominations
By Catherine Rampell Catherine Rampell Columnist covering economics, public policy, politics and culture Email Bio Follow Columnist March 25 at 7:26 PM President Trump has made a lot of ill-advised nominations. But perhaps no single choice could inflict more long-term damage than the one he announced Friday: Stephen Moore, Trump’s pick to join the Federal Reserve Board.
A newspaper banned him from its pages because of his struggles in getting basic statistics right. During the dozens of times I’ve debated him on TV, he has persistently misstated easily Google-able facts. These include whether the country is experiencing deflation, whether Canada’s tariffs are “twice as high as” ours, and whether the Fed predicted that Trump would crash the stock market.
Why? As I’ve written before, politicians pretty much always have an incentive to reduce interest rates and print money, especially heading into an election. Easier money can juice the economy in the short run, after all, boosting growth and reducing unemployment. How do you explain this sudden metamorphosis from inflation hawk to dove? In short: A Democrat was president then; a Republican is president now.
But the Federal Reserve is different. To work, it needs to be independent, both in practice and perception. Which is why the norm has been that once the Senate confirms a president’s preferred Fed nominees, he leaves them alone.
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