BUSTED: Trump loyalist called out in real time on CNN for 'making up numbers' to support president's economic agenda

BUSTED: Trump loyalist called out in real time on CNN for 'making up numbers' to support president's economic agenda

Washington Post columnist Catherine Rampell busted Trump-loving economist Stephen Moore on Friday when he falsely claimed that we are seeing vast “deflation” in the United States economy thanks to interest rate hikes by the Federal Reserve.


During a CNN appearance, Moore tried to maintain that the economy was as strong as ever, but he also blamed the Fed for tanking the stock market by raising interest ratesover the past several months.

“Both of the rate hikes were unnecessary and were a cause for deflation in the economy,” he said.

“Wait, wait, wait!” interjected Rampell. “There is no deflation!”

“Yeah there is,” Moore replied.

“No there is not,” she shot back. “Look at the Consumer Price Index!”

Moore tried to counter by noting that some prices on the Commodities Price Index had dropped — but Rampell hit back by saying that much of that was due to President Donald Trump’s trade wars.

“Soy bean prices are falling because of the trade war,” she said.

Rampell then nailed Moore for his false warnings during the Obama presidency that it was unwise for the Fed to keep interest rates low because it would lead to hyperinflation — despite the fact that the economy at the time was deeply depressed and much more in need of easy money.

“I’m old enough to remember when, ten years ago, during an actual deflation, you went on TV on a rival network and said we were about to have hyperinflation and told the Fed that it was irresponsible then to keep rates low,” she said. “It’s totally inconsistent and it’s totally irresponsible to make up numbers.”

“I’m not making up numbers,” Moore replied defensively.

Watch the video below.



#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.