Conservative gadfly & world's worst economist Stephen Moore on Washington Journal this morning. He's a frequent visitor because nobody else will have him. One caller suggested that guests be sworn in to avoid nonstop lying. Another suggested that Trump created the same kind of real estate bubble which led to the crash of 2008. Caller also pointed out that gas was cheap during the Trump administration only because nobody was driving during the pandemic. #cspanwj #politics #USpolitics #economics
World's worst economist Stephen Moore also also complaining about high interest rates slowing the real estate market. The fed imposed high rates to slow down the economy, which was driven into strong growth by pent up demand following the Trump covid recession. He also lamented the rising debt, not mentioning that Trump's share of the debt set new records. In fact, Moore helped write the 2017 tax cut bill which drove up the deficit. #cspanwj #politics #USpolitics #economics
Oh, the guy gets around, particularly in conservative circles. He's not short of places willing to have him.
But gas prices had been down, generally below $3, throughout Trump's term, even before the pandemic set in.
Meanwhile, no, the Fed imposed high rates to counter inflation, with a slowing economy being just a side effect of the treatment.
Absent surplus in the money supply pent up demand would not cause inflation, as consumers would still prioritize their spending.
Finally, according to US Treasury receipts, the 2017 tax bill increased revenues to lower the deficit. It was additional spending, not the tax reforms, that increased the deficit since tax collections went up.
