Herman Cain and Stephen Moore follow Trump's lazy conspiracy theorizing
WASHINGTON -- The problem with putting Stephen Moore and Herman Cain on the Federal Reserve Board -- as President Trump aims to do -- isn't merely that these lackeys have been wrong about nearly every economic claim they've ever made.
They're also rabid conspiracy theorists, at least when such theorizing has proved convenient to their partisan agenda.
That Trump would choose candidates with such proclivities should be no surprise. After all, in addition to the alternative-factualizing that the president is perhaps best known for (birtherism, crowd size, carcinogenic windmills), he has also regularly attacked government economic statistics, such as the unemployment rate, calling them phony, fake or cooked to make Democrats look good.
Unless those same, independently produced statistics made him look good, of course. "They may have been phony in the past, but it's very real now," then-White House press secretary Sean Spicer quoted Trump as saying about employment numbers his boss had previously questioned.
Moore is a career political operative whose singular motivation is helping Republicans cut taxes. In service of that goal, he sometimes fabricates economic factoids entirely, including during a Thursday radio interview in which he falsely claimed that wages just began to grow for the first time in 20 years. Usually though, he either cherry-picks or misrepresents (real) government data -- e.g., by not adjusting figures for inflation, or claiming that a decline in soybean prices driven by China's decision to stop buying from American farmers means that prices across the U.S. economy overall are falling. (They are not.)
Cain, on the other hand, does not appear to have sufficient facility with economic statistics to know which cherries to pick. During a recent episode of his web show, he appeared genuinely confused by the differences between, say, jobs vacant and jobs filled. (This is arguably an important thing to know if you're on the Federal Reserve Board, where half the legal mandate concerns maximizing the number of jobs filled.)
But when all else fails -- that is, when they run out of real numbers to spin or mischaracterize -- both Moore and Cain have a tendency to invoke Trump-style data trutherism: that is, to simply claim the official government data are phony.
During the depths of the financial crisis, for instance, Moore urged the Fed to raise interest rates -- an action that would have hurt the U.S. economy, and by extension the Democrat then sitting in the White House. Moore declared that such measures were necessary because "hyperinflation" was nigh.
The scary hyperinflation never arrived. Rather than acknowledge his error, however, Moore joined the leagues of conspiracy theorists who argued that official government price data were bogus.
"Nobody believes the statistics out of Washington and often for good reasons," Moore wrote in a 2014 Fox News column, one of several public comments during the Obama era in which he suggested the official inflation numbers were artificially low. "A 2% inflation rate. Ha."