On Tuesday, CNN’s Chris Cuomo invited on Stephen Moore, supply-side economist and President Donald Trump’s failed pick for the Federal Reserve Board of Governors, to discuss the state of the administration — and Moore made a hilariously wrong remark about interest rates that suggests the country was better off without him.
“There’s no greatest economy ever,” said Cuomo. “You know these things … he’s doing well. He’s not doing better than we’ve ever seen before, and you guys got the benefits of juicing the economy with this tax cut. Fair point?”
“Let me say this, I think it’s a pretty darn good economy,” said Moore. “I’ll cite a few statistics. It’s a pretty darn good one. We have the lowest unemployment rate in 50 years … and for blacks and Hispanics and women.”
“As part of a continuing trend,” added Cuomo.
“We have the lowest interest rates in 50 years, lowest inflation rate in 50 years. I’ll cite one statistic that I think encapsulates what Trump that has done. 7.5 million. That’s the number of surplus jobs we have in America today,” said Moore.
Leaving aside the fact that Cuomo is right that much of Trump’s growth trajectory was inherited, and that there are warning signs the current economic performance will not continue, Moore is absurdly wrong that today’s economy has “the lowest interest rates in 50 years.” The current Federal Reserve target for interest rates is 2.25 percent. By contrast, in 2009, at the height of the previous recession, interest rates dropped to 0.5 percent — a rate so low that, adjusted for inflation, banks were actually paying people to borrow money.
Moore’s brand of economics undergirds much of the GOP platform and strategy. But he can’t even be troubled to get basic facts straight.
Congressman blasts Trump administration’s ‘lawless’ move to quash whistleblower: ‘He does not have the authority’
On Wednesday's edition of CNN's "Anderson Cooper 360," Rep. Jim Himes (D-CT) previewed what he expects to learn about the developing Director of National Intelligence whistleblower scandal at the hearing with the inspector general on Thursday.
"In tomorrow's hearing with the intelligence community's inspector general, who forwarded this report, saying it was an urgent concern, what exactly is the inspector general going to be able to talk about?" asked Cooper. "I know it's behind closed doors, but is he going to be able to tell you what is actually in the complaint or who is instructing him or who's instructing the DNI not to hand it over to your committee, if that's what's happening?"
White House is preparing for a ‘big fight’ with Congress over whistleblower scandal: CNN reporter
On Wednesday's edition of CNN's "OutFront," reporter Evan Perez said that the White House is gearing up for a showdown with the House Intelligence Committee over a whistleblower complaint of "urgent concern" for national security that President Donald Trump's officials appear to be covering up.
"Evan, this has been developing through the day. [Intelligence] Chairman [Adam] Schiff was very quiet, and now suddenly there's going to be this briefing, and what's really going to happen at the briefing tomorrow?" asked anchor Erin Burnett.
Foreign trolls are trying to create a ‘circular firing squad’ among US veterans: digital researcher
Foreign troll accounts have been working to sow division and create a "circular firing squad" among American veterans, a veterans advocate warned CNN on Wednesday.
During an interview with Brianna Keilar, Kris Goldsmith of Vietnam Veterans for America talked about the ways that trolls have been infiltrating veterans organizations and trying to divide their members along political and racial lines.
Goldsmith said that two years ago his group notice an "impostor Facebook account" that would spread misinformation and propaganda to its members.
"After months of studying it, we came to recognize that it was an entity somewhere in Bulgaria who was spreading falsified news," he explained. "So what they do is copy and paste a real story about something like veterans' benefits possibly getting cut, change the date, and make it look fresh and get people upset."