Stephen Moore, the television pundit whose nomination by President Donald Trump to serve on Federal Reserve Board went down in flames earlier this year, admitted on Friday that the president's trade war is hurting the American economy.
During an interview with Fox Business' Neil Cavuto, Moore was asked about why the president is so insistent on yelling at Federal Reserve Chairman Jerome Powell to drastically slash interest rates.
Moore responded by saying America's central bank needed to push more money out into the economy because the president's own policies were harming economic growth.
And for good measure, he even admitted that these measures wouldn't be enough to overcome the damage that Trump has been doing.
"We have to inject more dollars into the economy," Moore said. "There is nothing the Fed can do to offset the cost of tariffs... you can't somehow print money to offset the real damage that a trade war does. I support what Trump is doing on China, but it is hurting the economy. So I just, I want those rate cuts because I want, I want to prevent — look what happened with the price of oil, cotton, corn, timber. Those prices are falling like a rock right now. That’s deflation."
During the Great Recession, back when former President Barack Obama was in the White House, Moore actually urged the Federal Reserve to raise rates despite high unemployment because otherwise the economy would experience hyperinflation.
The Fed didn't raise rates, however, and hyperinflation never came.
Watch the video below.