Stephen Moore (writer)

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Stephen Moore
Stephen Moore by Gage Skidmore.jpg
Moore in 2016
Member of the Federal Reserve Board of Governors
Nominee
Assuming office
TBD*
PresidentDonald Trump
SucceedingElizabeth Ashburn Duke
Personal details
Born (1960-02-16) February 16, 1960 (age 59)
Chicago, Illinois, U.S.
Political partyRepublican
Alma materUniversity of Illinois at Urbana–Champaign (BA)
George Mason University (MA)
Known forFounding President of the Club for Growth
Member of the Editorial Board of The Wall Street Journal
Chief Economist of the Heritage Foundation
*Pending Senate confirmation
Stephen Moore speaking at Americans for Prosperity Foundation event in 2008

Stephen Moore (born February 16, 1960) is an American writer and economic commentator. He founded and served as president of the Club for Growth from 1999 to 2004. Moore is a former member of the Wall Street Journal editorial board. He worked at the Heritage Foundation during the period 1983-1987, and since 2014.[1] Moore advised Herman Cain's 2012 presidential campaign and Donald Trump's 2016 presidential campaign.[2]

Moore is known for advocating supply-side economics.[3] Moore's columns have appeared in outlets such as the Wall Street Journal, The Washington Times, The Weekly Standard and National Review.[4][5] In 2017, he left Fox News Channel to join CNN as a contributor.[6]

In March of 2019, it was announced that Moore would be nominated to the Federal Reserve Board as a governor, by President Donald Trump.[2][7]

Education[edit]

Moore grew up in New Trier Township, Illinois. He attended Saints Faith Hope & Charity School in Winnetka and graduated from New Trier High School in 1978.[8] He received a B.A. from the University of Illinois at Urbana–Champaign and an M.A. from George Mason University in economics.[9]

Career[edit]

From 1983 to 1987, Moore served as the Grover M. Hermann Fellow in Budgetary Affairs at the Heritage Foundation. In 1987, Moore was research director of President Ronald Reagan's Privatization Commission.[10] Moore spent ten years as a fellow of the Cato Institute, a libertarian think tank.[11][12] As senior economist of the U.S. Congress Joint Economic Committee under Chairman Dick Armey of Texas, Moore was said to be "instrumental in creating the FairTax proposal".[11]

Moore founded the Club for Growth in 1999. Moore was ousted by the group's board in December 2004 and subsequently announced his resignation.[13] After his ouster from the Club for Growth, Moore founded the 501(c)(4) Free Enterprise Fund with other former Club for Growth members including Arthur Laffer and Mallory Factor.[13] In 2005, Moore left the Free Enterprise Fund to serve on the editorial board of the Wall Street Journal.[12] Moore is a partner in the firm Arduin, Laffer & Moore Econometrics.[14]

Moore advised Herman Cain, a former pizza chain executive, on his 9-9-9 Tax Plan for his 2012 presidential campaign.[2]

On January 21, 2014, the Heritage Foundation announced that Moore would rejoin the think tank as chief economist.[15] Moore is a contributing editor for National Review.[14]

Moore wrote a 2014 Kansas City Star opinion piece entitled, "What's the matter with Paul Krugman?," responding to Krugman's earlier opinion piece "Charlatans, Cranks and Kansas," which had discussed a recent major tax cut in Kansas.[16][17] Moore claimed that job creation had been superior in low-taxation states during the five years ending June 2009 following the recession. After errors were found in Moore's data, he sought to correct the errors with different data that were also incorrect. Miriam Pepper, editorial page editor for the Star stated “I won’t be running anything else from Stephen Moore.”[18][19]

In May 2015, Moore cofounded the Committee to Unleash American Prosperity with Laffer, Larry Kudlow, and Steve Forbes, to attempt to persuade Democratic and GOP politicians running for President to focus on "slow growth and stagnant incomes".[20]

In 2015, Moore expressed support for a return to the gold standard, a monetary system widely rejected by mainstream economists.[21]

Moore served as one of the top economic advisers to Donald Trump's 2016 US presidential campaign.[22] Moore is known a strong supporter of President Trump.[23] In 2018, Moore wrote the book Trumponomics with Arthur Laffer, wherein they lauded the Trump administration's economic policies.[24] Trump endorsed the book in a March 2019 tweet.[25] In the book, Moore and Laffer argue that the Trump administration's 2017 tax plan would raise growth rates to as much as 6% and not increase budget deficits.[24] In a 2019 review of the book, Greg Mankiw, an economics professor at Harvard University and head of the Council of Economic Advisors under president George W. Bush, described the book as "snake-oil economics," and said the authors "do not build their analysis on the foundation of professional consensus or serious studies from peer-reviewed journals."[24] The one issue where Moore and Laffer disagree with Trump is on the issue of free trade, which the duo supports.[24]

After Trump answered a congratulatory phone call from the democratically-elected president of Taiwan Tsai Ing-wen, on December 2, 2016,[26][27][28][29] Moore said that "we gotta stand by Taiwan. We see what's happening in China the way they're saber-rattling out there in the East, it's about time we do what Reagan did, we stand up to these bullies, we say we're not gonna let you do this." Moore emphasized that Taiwan is a country deserving greater American support because of its democracy and "we ought to back our ally, and if China doesn't like it, screw 'em."[30][31]

In February 2016, Moore joined 32 Advisors as a Strategic Partner for the firm's Economic Advisory practice.[32]

Federal Reserve Board appointment[edit]

On March 22, 2019, Trump announced he would nominate Moore to fill one of the two vacant seats at the Federal Reserve Board of Governors.[33][2] In late December of 2018 Moore stated, while on a radio talk show, that he believed "the people on the Federal Reserve Board should be thrown out for economic malpractice".[2] On March 13, 2019, Moore co-authored a column in the Wall Street Journal which asserted that the Federal Reserve's policies were slowing the economy, and causing "wild swings in the stock market".[34] Moore also repeated his incorrect assertion from a December 2018 appearance on CNN that the Fed's moves had caused deflation.[35][36] Journalist Jonathan Chait, who has written about Moore for over twenty years, noted that he “has insisted on television that the economy is experiencing deflation, and when corrected by panelist Catherine Rampell on this unambiguous error of fact, refused to give ground.”[37][38][2][35][39] Moore repeated the incorrect assertion in a March 2019 email to The New York Times.[40] Larry Kudlow, the Director of the U.S. National Economic Council, showed the article to president Trump, reportedly to his liking.[2]

The nomination stirred some amount of controversy, inluding from some conservative watchers of the Federal Reserve.[23][41][2] Tim Duy, an economics professor at the University of Oregon, criticized Moore by saying he (Moore) "appears more devoted to pursuing a far-right economic agenda than willing to understand the complexity of economic policy."[21] Jonathan Chait, who has written about Moore since 1997, described his career as an economic analyst as “a decades-long continuous procession of error and hackery.”[38] Concern was widely shared by economics experts that Moore’s proximity to Trump’s inner circle could cause markets to worry that White House influence might drive Fed actions, rather than data.[42]

Personal life[edit]

Moore is married and has three sons.[43]

Selected bibliography[edit]

  • Trumponomics: Inside the America First Plan to Revive Our Economy, with Arthur B. Laffer. (All Points Books, 2018) ISBN 9781250193711
  • Crash Landing: How Bush, Bernanke, Pelosi and Obama Have Wrecked the U. S. Economy (And How To Salvage America's Future)(Audio CD)(Blackstone Audio, 2014) ISBN 1482923874
  • The End of Prosperity with Arthur B. Laffer and Peter Tanous (Threshold Editions, 2008) ISBN 1-4165-9238-5
  • Bullish On Bush: How George Bush's Ownership Society Will Make America Stronger (Madison Books, 2004) ISBN 1-56833-261-0
  • It's Getting Better All the Time: 100 Greatest Trends of the Last 100 Years with Julian L. Simon (Cato Institute, 2000) ISBN 1-882577-97-3
  • (editor) Restoring the Dream: What House Republicans Plan to Do Now to Strengthen the Family, Balance the Budget, and Replace Welfare (Times Mirror, 1995).
  • Still an Open Door? U.S. Immigration Policy and the American Economy (American University Press, 1994)
  • Privatization: A Strategy for Taming the Deficit (The Heritage Foundation, 1988)

References[edit]

  1. ^ "Stephen Moore at the Heritage Foundation". Retrieved 12 October 2017.
  2. ^ a b c d e f g h Jacobs, Jennifer; Mohsin, Saleha; Talev, Margaret; Torres, Craig; Miller, Rich. "Trump Says He'll Nominate Stephen Moore to Federal Reserve Board". Bloomberg. Retrieved 22 March 2019.
  3. ^ Lawler, Joseph (2014-01-21). "Wall Street Journal's Stephen Moore joins Heritage Foundation as chief economist". Washington Examiner. Retrieved 13 August 2014.
  4. ^ "Stephen Moore Articles". Weekly Standard. Retrieved 2016-05-31.
  5. ^ "Stephen Moore Archive". National Review Online. Retrieved 2016-05-31.
  6. ^ Oliver Darcy (January 30, 2017). "Economist Stephen Moore jumps from Fox News to CNN". Business Insider UK. Retrieved April 14, 2017.
  7. ^ Politi, James; Sevastopulo, Demetri (22 March 2019). "Trump to nominate Stephen Moore to Federal Reserve board". The Financial Times. Washington. Retrieved 22 March 2019.
  8. ^ Henry, Alan (August 5, 2011). "NT alum Stephen Moore lets thoughts fly at Wall Street Journal". Winnetanka Current. Archived from the original on December 20, 2013. Retrieved 13 August 2014.CS1 maint: Unfit url (link)
  9. ^ "Stephen Moore". Heritage Foundation. Retrieved 13 August 2014.
  10. ^ "Stephen Moore". Johns Hopkins University. Retrieved 13 August 2014.
  11. ^ a b Nowrasteh, Alex (2014-01-24). "Does Stephen Moore's Appointment Indicate A Thaw In Heritage's Stance On Immigration Reform?". Forbes. Retrieved 13 August 2014.
  12. ^ a b Milbank, Dana (2005-08-31). "Brothers in Arms, But Sisters at Odds". The Washington Post. Retrieved 13 August 2014.
  13. ^ a b Kirkpatrick, David (2005-07-08). "Leadership Dispute Causes a Split in a Powerhouse of Fund-Raising for Conservative Causes". New York Times. Retrieved 13 August 2014.
  14. ^ a b "Stephen J. Moore". Independent Institute. Retrieved 13 August 2014.
  15. ^ Bluey, Rob. "WSJ's Stephen Moore to Join Heritage as Chief Economist". The Foundry. Retrieved 21 January 2014.
  16. ^ Moore, Stephen (2014-07-07). "Stephen Moore: What's the matter with Paul Krugman? Give Kansas tax breaks time to work". Wall Street Journal. Retrieved 13 August 2014.
  17. ^ Krugman, Paul (2014-06-29). "Charlatans, Cranks and Kansas". New York Times. Retrieved 13 August 2014.
  18. ^ https://archives.cjr.org/united_states_project/stephen_moore_heritage_foundation_paul_krugman_kansas_city_star.php
  19. ^ https://www.latimes.com/business/hiltzik/la-fi-mh-a-newspaper-factchecks-20140805-column.html
  20. ^ "Nation's Top Challenge: Beating Slow Growth, Flat Incomes". 2015-03-02. Retrieved 2016-08-10.
  21. ^ a b Tankersley, Jim (2019-03-22). "Trump Taps Fed Critic Stephen Moore for Board Seat". The New York Times. ISSN 0362-4331. Retrieved 2019-03-23.
  22. ^ Tankersley, Jim (5 August 2016). "Donald Trump's new team of billionaire advisers could threaten his populist message". Washington Post. Retrieved 6 August 2016.
  23. ^ a b "Trump taps a strident Powell critic for spot on Fed board". Reuters. 2019-03-22. Retrieved 2019-03-23.
  24. ^ a b c d "Snake-Oil Economics" (January/February 2019). 2019-01-29. ISSN 0015-7120. Retrieved 2019-03-23.
  25. ^ Rupar, Aaron (2019-03-22). "Stephen Moore, the Trump loyalist nominated to the Fed, explained". Vox. Retrieved 2019-03-23.
  26. ^ Trump Spoke With Taiwan President in Break With Decades of U.S. Policy: Leaders ‘noted close’ economic, political and security ties, Trump transition team said, The Wall Street Journal, 2016-12-2
  27. ^ President-elect Donald Trump's phone call to Taiwan's leader is a major breakthrough for U.S. relations with the nation, New York Daily News, 2016-12-2
  28. ^ Why Trump was right to talk with Taiwan's president, Fox News, 2016-12-4
  29. ^ Trump's Taiwan call wasn't a mistake. It was brilliant., Chicago Tribune, 2016-12-5
  30. ^ Is Trump using Taiwan as a China bargaining chip? Following surprise phone call, officials ask whether president-elect is looking to increase leverage, Financial Times, 2016-12-5
  31. ^ Trump adviser: If China doesn't like Taiwan call, 'screw 'em', The Hill, 2016-12-5
  32. ^ Advisors, 32. "Former Trump Senior Economic Adviser Stephen Moore joins 32 Advisors as a Strategic Partner". PR Newswire.
  33. ^ Cox, Jeff. "Trump says he will nominate Fed critic Stephen Moore for central bank appointment". CNBC.
  34. ^ Moore, Stephen; Woodhill, Louis (13 March 2019). "The Fed Is a Threat to Growth". Wall Street Journal.
  35. ^ a b Tankersley, Jim (March 22, 2019). "Trump Taps Fed Critic Stephen Moore for Board Seat" – via NYTimes.com.
  36. ^ Rupar, Aaron (22 March 2019). "Stephen Moore, the Trump loyalist nominated to the Fed, explained". Vox.
  37. ^ At 2:03: Moore: “Both of the rate hikes were unnecessary and were a cause for deflation in the economy” Charlotte Rampell: “Wait, wait, wait! There is no deflation!” Moore: “Yeah there is.”"CNN Panel Erupts Over Trump Economy: 'Completely Irresponsible' to Tell 'Public Things that Are Not Correct'".
  38. ^ a b Chait, Jonathan (March 22, 2019). "Trump Nominates Famous Idiot Stephen Moore to Federal Reserve Board". Intelligencer.
  39. ^ "Inflation Rate on Consumer Price Index for All Urban Consumers: All Items". FRED, Federal Reserve Bank of St. Louis. January 1, 1947.
  40. ^ Tankersley, Jim (22 March 2019). "Trump Taps Fed Critic Stephen Moore for Board Seat" – via NYTimes.com.
  41. ^ "Stephen Moore is going to embarrass himself (and us) at the Fed". businessinsider.com. 2019-03-22. Retrieved 2019-03-23.
  42. ^ "Trump nominates Federal Reserve critic Stephen Moore to serve on its board". NBC News.
  43. ^ "Happy Christmas, Kerry Is Over A Moore Family Christmas". Archived from the original on 2011-08-11.CS1 maint: BOT: original-url status unknown (link)

External links[edit]

Non-profit organization positions
New office President of the Club for Growth
1999–2004
Succeeded by
Pat Toomey