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President Trump recently nominated Stephen Moore to the Federal Reserve’s Board of Governors, the most qualified and skilled Fed board candidate in years.
Moore is a former senior economist on the Congressional Joint Economic Committee, a former member of the Wall Street Journal editorial board, and has assisted two presidential administrations with economic research and advice. He is a free-market conservative, a vocal critic of the Federal Reserve, and a senior economist at FreedomWorks.
Moore is one of the finest minds and biggest change-makers in the field of economics. No wonder Democrats hate him. They are pulling out every trick in the book to stop his nomination, but their reasons have nothing to do with his resume.
1) Democrats will stop at nothing to sabotage the Trump administration.
Democrats no longer debate presidential nominations on merit, a political reality made painfully clear during the Kavanaugh hearings. They are shameless and ruthless, and they don’t care whose lives or reputations get caught in the collateral damage.
Immediately following the nomination, Democratic strategists launched a calculated attack on Moore that criticized everything except his views on monetary policy.
They dragged his ex-wife and children into the media spotlight to exploit the alleged details of a private divorce, along with their household tax returns. (Grassroots conservatives empathize with Moore’s IRS battles, considering they were targeted and harassed by the same agency only a few short years ago.)
They presented the media with selective and inaccurate information designed to permanently destroy Moore’s reputation as a trustworthy and decent human being. There is no floor to how low they will sink to sabotage the Trump administration at every chance.
2) Moore will bring diversity of ideas to the Federal Reserve.
The Federal Reserve has a group-think problem, and Moore would bring a valuable contrarian viewpoint to the table. Unlike the current Fed board, Moore doesn’t believe economic growth causes inflation.
He believes the economy works best when people are at work. He believes private sector growth and investment power the economy, not central planning. These ideas would bring a welcome intellectual debate to the Federal Reserve board.
Moore is a “growth hawk” who wants the economy to grow as quickly as possible, wages to rise, deficits to fall, and the dollar to stay strong. Only the slimiest creatures of the Swamp would take offense to someone so deeply committed to long-term economic health.
3) Moore will disrupt the status quo in Washington.
Moore understands how the game is played in Washington, and he rejects it. He studied economics at George Mason University when James Buchanan won the Nobel Prize for public choice theory, which dispelled the notion that politicians act in the public interest.
Public choice theory establishes that politicians respond to incentives, and their primary incentive is getting re-elected. To convince politicians to “do the right thing,” citizens must prove it will be in their best political interest.
Moore spent years at nonprofit advocacy groups and think tanks, fighting to bring more transparency and accountability to Washington. Throughout his entire career, his economic values have been authentic and consistent. He is a friend of the taxpayer, which makes him an enemy of the Swamp.
It should come as no surprise that corrupt Beltway establishmentarians are pushing back. They are desperate to maintain the status quo. Ironically, this extreme pushback may bring more national scrutiny to the operations of the Federal Reserve than ever before.
It didn’t take long for opportunists to jump on the Moore-bashing bandwagon. A handful of jealous colleagues in the field of economics have begun dissecting every prediction or statement Moore has written or spoken on the air.
Economists, of all people, should be wary to throw stones at Moore – you know what they say about glass houses.
Fortunately for the public, Stephen Moore has enormous strength of character and will persevere through these coordinated smears. He will eventually join the Federal Reserve’s Board of Governors, and our economy and society will benefit from his intellectual gravitas and leadership.