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.