by Jonathan Decker
Over the past three decades, there has arguably been no greater public champion of free market economics than Stephen Moore. Therefore, it’s no surprise that the Left lost its collective mind over Trump’s nomination of Moore to the Federal Reserve Board of Governors.
But rather than oppose Stephen Moore due to his views on the true cause of inflation (hint: it’s not economic growth, as widely believed at the Federal Reserve), the merits of a rules-based monetary policy, or the need for a more transparent central bank, they have resorted to re-litigating divorce filings and scrutinizing his decades-old tenure at the Club for Growth.
Liberals have also sounded the alarm that he is a threat to the Fed’s (largely exaggerated) independence when he would be merely one vote on the Fed’s soon-to-be six member Board. The fact that allowing just one outside voice to pierce through the Fed’s bubble has Washington so hysterical plainly reveals the sort of militant devotion to beltway groupthink that led to the Fed entirely missing the 2008 crisis in the first place — despite being stacked with a Board full of Ph.D.s.
Even more exaggerated than the Fed’s independence are the liberal claims that Stephen Moore would somehow compromise it. Those who have followed his work know he supports much of President Trump’s economic agenda, especially on tax cuts and de-regulation, but he has diverged from Trump on issues including immigration and the treatment of corporate mergers.
The good news is: conservatives are instantly recognizing the smear campaign that is being orchestrated against Stephen Moore. And they are increasingly battling back. More and more articles and statements of support have been popping up from across the conservative realm supporting Stephen Moore recently. From the Wall Street Journal editorial board to the Washington Examiner to Real Clear Markets, conservatives have increasingly banned together for what many see as the greatest opportunity to bring a true reformer to the Fed in recent history.
Anecdotally, I have also heard that Stephen Moore is increasingly generating attention from the grassroots on conservative social media pages. As the above support shows, conservatives aren’t backing down in the fight to have a true leader of free market economics on the Fed. Stephen Moore will challenge the Fed’s beliefs on economic growth causing inflation, and he will bring much needed transparency to America’s central bank. When it comes to the Fed — the Moore the merrier.
Author’s Note: Pat Hall also contributed to this report.
Photo credit: Gage Skidmore