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Politics : The Trump Presidency -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (115246)	3/23/2019 1:34:14 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 357910

I've seen him on TV. I'm a bit understated; he's actually a famous idiot. I'll try to remember that. our reality-TV president is set to nominate Stephen Moore, a right-wing crackpot who has been playing a TV economist for decades, for a seat on the Federal Reserve Board. I use the phrase “right-wing crackpot” after careful consideration of possible alternatives, recognizing that it’s generally not a good idea to criticize the motives or intelligence of those with whom you disagree. Unfortunately, “famous idiot” was already taken by New York magazine’s Jonathan Chait, who for two decades has been chronicling Moore’s unbroken string of false statements and failed predictions. I also might have gone with “charlatan and crank,” but New York Times columnist Paul Krugman, a real economist with a Nobel Prize, beat me to it. washingtonpost.com == Why one editor won’t run any more op-eds by the Heritage Foundation’s top economistA reply to Paul Krugman on state taxes and job growth made some incorrect claims By Deron Lee, CJRJULY 31, 2014 PRAIRIE VILLAGE, KS — “I won’t be running anything else from Stephen Moore.” So says Miriam Pepper, editorial page editor of the Kansas City Star—and not just because she’s retiring this week. Pepper’s no-Moore stance comes after her paper discovered substantial factual errors in a recent guest op-ed by Moore, the chief economist at the conservative Heritage Foundation archives.cjr.org == Looking for the Shovel: Why Stephen Moore of Heritage Makes Me Write for “Bull Market” ....Who Stephen Moore is: For example, right now on my other screen the flow of information is about Stephen Moore, Chief Economist?—?or, rather Chief “Economist”?—?of the Heritage Foundation. So let me first tell you who Stephen Moore is, and then tell you why he is on my other screen right now: There are only two things you need to know about him. First, from the esteemed Kevin Drum, from back in 2005: Kevin Drum (2005): Supply-Side Buffoonery: “Stephen Moore’s maiden outing… [on] the WSJ editorial board… about the wonders of supply side economics: “In the 1980s, President Ronald Reagan chopped the highest personal income tax rate from the confiscatory 70% rate that he inherited when he entered office to 28% when he left office and the resulting economic burst caused federal tax receipts to almost precisely double: from $517 billion to $1,032 billion.”Tax revenue doubled!… [But]… adjust for inflation…. In 1980 dollars, $1,032 billion is actually $670….[P]opulation increased… $2,283 per person in 1980 and $2,694 per person in 1990. That’s not double. It’s an increase of 18%… a lot of that is due to consistent tax increases throughout the 1980s….[W]e can play this game with any decade…. Adjusting for inflation and population growth… [the] 70s produced an increase… of 25%. The Clinton 90s produced… 40%…. Reagan produced the slowest growth in… any decade since World War II. That’s a real supply side triumph.Welcome to the Journal, Steve. You guys deserve each other.Kevin, of course, is right: If Moore cites a number, and if it surprises you, the way to bet is that the number is either wrong or grossly ripped out of its proper context. Second, Moore has not changed his spots in the past decade?—?witness that the Kansas City Star will no longer print pieces by Stephen Moore: Yael T. Abohalkah (2014): Kansas is at the center of feud after tax cut errors: [Stephen] Moore used outdated and inaccurate… information… [in his]: “No-income-tax Texas gained 1 million jobs over the last five years; California, with its 13 percent tax rate, managed to lose jobs. Oops. Florida gained hundreds of thousands of jobs while New York lost jobs. Oops….” Moore… [used outdated] 18-month-old data. [And] Texas did not gain 1 million jobs in the… period Moore measured… [but] 497,400…. Florida did not add hundreds of thousands… [but] lost 461,500 jobs. New York… did not lose jobs… [but] gained 75,900…. medium.com