Quantcast
Connect with us

‘Unable even to get basic facts right’: Paul Krugman obliterates the ‘hack’ economist Trump wants to appoint to the Fed

Published

on

President Donald Trump plans to appoint right-wing “economist” Stephen Moore to the Federal Reserve Board, and people who know anything about actual economics (and basic factual reporting) are livid.

Moore, a fellow with the conservative Heritage Foundation, is best known for appearing on TV, talking about the economy, and completely botching his facts.

Paul Krugman, a Nobel Prize-winning economist and columnist for the New York Times, lambasted the nomination of Moore, whom he has sparred with many times in the past.

“Moore isn’t just a hack, with terrible judgment,” Krugman said on Twitter. “He’s a hack who has repeatedly shown himself unable even to get basic facts right.”

Binyamin Applebaum, another Times columnist, noted that Moore once “got so many facts wrong that the Kansas City Star’s editorial page editor vowed never to publish his work again.”

ADVERTISEMENT

Indeed, he wrote a column trying to argue that low-tax states do better than high tax states, and he included this error-ridden passage:

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.

In fact, as Kansas City Star columnist Yael Abouhalkah pointed out, in addition to choosing a particularly problematic time period to make this judgment, his numbers were just wrong:

ADVERTISEMENT

Texas did not gain 1 million jobs in the 2007-2012 period Moore measured. The correct figure was a gain of 497,400 jobs.

Florida did not add hundreds of thousands of jobs in that span. It actually lost 461,500 jobs.

New York, with [its] very high income tax rates, did not lose jobs during that time. It gained 75,900 jobs.

ADVERTISEMENT

Miriam Pepper, an editor of the Kansas City Star, told the Columbia Journalism Reviewafter the incident that his errors were so egregious that she “won’t be running anything else from Stephen Moore.”

Krugman noted that, in addition to this spectacular mistake, Moore was completely unrepentant when his predictions about Kansas’ tax cuts were refuted.

“He made a bad prediction, which happens — but refused to learn from the error, falsified facts, and doubled down on his doctrine,” said Krugman.

ADVERTISEMENT

Need more convincing? Here he is getting the budget deficit — a simple government accounting measure — completely wrong. Here he is completely botching the facts about the Reagan tax cuts. Here he is making up facts on CNN.

After spending much of his career shilling for the GOP, Moore has since become completely bought-in to Trump’s takeover of the party. Proving he’ll do anything to stay in the good graces of the Republican Party, the Heritage Foundation fellow wrote a book called “Trumponomics: Inside the America First Plan to Revive Our Economy” lavishly praising the president’s policies, despite increasing evidence that the White House’s boasting is baseless.

Which is just to say, given his record of repeating disgrace, he seems to have the perfect resume to appeal to a president who lives in the world of “alternative facts.”


Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Jeffrey Epstein’s IT consultant reveals he saw girls who ‘couldn’t have more than 15 or 16’ on private island

Published

on

ABC News broke a story just after midnight Thursday about a former IT consultant of Jeffrey Epstein's who resigned because he couldn't take some of the things he was seeing on Epstein's private island compound.

The island, which has been called "pedophile island" by locals, had "topless women everywhere.

"There were photos of topless women everywhere," said contractor Steve Scully, who began working for Epstein in 1999 and continued for six years. "On his desk, in his office, in his bedroom."

Continue Reading

Breaking Banner

‘Names are going to start coming out’: New report says more elites will be exposed in the Epstein case — and ‘DC is on edge’

Published

on

Will other powerful people — presumably men — get taken down as a result of the sex trafficking case against Jeffrey Epstein?

That’s the hope of many closer followers of the story, but it’s far from clear what, if any, fallout there will be. Epstein’s connections to Presidents Bill Clinton and Donald Trump have raised suspicions about potential evidence of their wrongdoing, such suspicions remain unproven. Alan Dershowitz has already faced accusations of being involved in Epstein’s crimes, though he denies the charge vigorously.

But a new report from Vanity Fair’s Gabriel Sherman says that “DC is on edge” over the Epstein case, and any elites who have run in his circles could be involved. Dozens of girls, if not more, are believed to be involved in his alleged sex trafficking, and lawyers for some of the women who have accused Epstein are strongly suggesting that other high-profile figures will be implicated.

Continue Reading
 

Breaking Banner

‘It’s so un-American’: Internet scorches Trump supporters for racist chants of ‘Send her back!’

Published

on

The ignoble highlight of President Donald Trump's rally in Greenville, North Carolina on Wednesday was when his fans doubled down on his racist attacks on four Democratic congresswomen of color and targeted Rep. Ilhan Omar (D-MN), chanting "Send her back! Send her back!"

Political commentators of all stripes were gobsmacked by the crowd's naked racism — and buried them in condemnation:

The crowd at Trump’s rally chanting “send her back” after the President viciously and dishonestly attacked Ilhan Omar is one of the most chilling and horrifying things I’ve ever seen in politics.

Continue Reading
 
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

Enjoy Summer! Try Raw Story Ad-Free for $1. Invest in Progressive Journalism.
close-image