Moore: Why the Left Has Been so Wrong About the Trump Boom
Why the Left Has Been so Wrong About the Trump Boom
Dennis Prager is off. The following is a column by Stephen Moore.
Time magazine’s cover story for the week of Nov. 6 is a classic. It blares: “The Wrecking Crew: How Trump’s Cabinet Is Dismantling Government As We Know It.” The New York Times ran a lead editorial complaining that team Trump is shrinking the regulatory state at an “unprecedented” pace.
Meanwhile, last week the stock market raced to new all-time highs; we had another blockbuster jobs report with another fall in the unemployment rate; and housing sales soared to their highest level in a decade.
Are the editors at Time and the Times so ideologically blinded that they are incapable of connecting the dots?
The U.S. economic revival of 3 percent growth has already defied the predictions of almost every Donald Trump critic. I vividly remember debating Hillary Clinton’s economic gurus during the campaign: They accused Trump and advisers such as myself of “lying” when we said that pro-growth policies would speed up economic growth to 3 to 4 percent.
Jason Furman, who chaired the Council of Economic Advisers under President Barack Obama, told reporters earlier this year that the chances of reaching 3 percent growth over a decade were about 1 in 25 — which is what many political experts said was Trump’s chance of winning the election. Another Obama economist, Alan Krueger, called the 3 percent growth forecast “extremely rosy.”
Larry Summers, a top economic adviser to Obama, questioned the “standards of integrity” of the Trump economic team’s forecast for 3 percent (or more) growth. “I do not see how any examination of U.S. history could possibly support the Trump forecast as a reasonable expectation,” he wrote in The Washington Post.
Congress weighed in, too. “This budget relies on absurd economic projections and pretend revenues that no credible economist would validate,” Rep. Pramila Jayapal, D-Wash., announced at a House budget hearing.
The sharp-penned Paul Krugman of The New York Times declared Trump’s growth forecast an act of “economic arrogance.” He said that the productivity improvement necessary for faster growth was as likely as “driverless flying cars” arriving “en masse.”
Admittedly, we shouldn’t read too much into six months of very good economic data (with 3 percent growth) or the booming stock market. These trends can always reverse course quickly. Trump’s more restrictive policies on trade and immigration could harm growth potential.
But so far the Trump haters have missed the call on the economy’s trajectory. Doubly ironic is that the same Obama-era economists who are trashing Trump’s increasingly realistic forecast of 3 percent growth are the ones who predicted 4 percent growth from the Obama budgets. Obama never came anywhere near 4 percent growth, and at the end of his second term, the economy grew at a pitiful 1.6 percent.
Under Obama, free enterprise and pro-business policies were thrown out the window. What was delivered was the weakest recovery from a recession since World War II, with a meager 2.2 percent average growth rate. Middle America felt it, which is why Trump won these forgotten Americans.
One reason that economist Larry Kudlow and I and others assured Donald Trump that 3 to 4 percent growth was achievable was that Trump could capitalize on the underperformance of the Obama years. Under Obama, business investment fell almost two-thirds below the long-term trend line — thanks to higher taxes on investment. Now, partly in anticipation of the tax cut, business spending keeps climbing.
Maybe the liberal economists and their shills in the media should show some humility. They should acknowledge they were dead wrong about how much Obamanomics was going to grow the economy and about how Trumponomics would crash the economy and the stock market. Or better yet, maybe the rest of us should all just stop listening to them.
Stephen Moore is a senior fellow in economics at the Heritage Foundation. His latest book is “Fueling Freedom: Exposing the Mad War on Energy.” He served as an economic adviser to the Trump campaign. To find out more about Stephen Moore and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate webpage at www.creators.com.
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Last Updated: Monday, Nov 06, 2017 17:57:18 -0800
"As profound a thinker as our nation has at the dawn of the 21st century -- Jack Kemp
"One of the three most interesting minds in Jewish life." -- New York's Jewish Week
"One of the ten most powerful people in Los Angeles ... a moral compass." -- Buzz Magazine
Dennis Prager is one of America's most respected radio talk show hosts. He has been broadcasting on radio in Los Angeles since 1982. His popular show became nationally syndicated in 1999 and airs live, Monday through Friday, 9:00 a.m. to noon (Pacific Time).
In 1994-95, he also had his own daily national television show, and he is often seen on such television shows as Larry King Live, Politically Incorrect, The Late Late Show on CBS, Rivera Live, The Early Show on CBS, Fox Family Network, The O'Reilly Factor and Hannity & Colmes. Mr. Prager has been the main subject on CSPAN several times over the past years.
His most recent book, "Happiness Is A Serious Problem," was published in February 1998 by HarperCollins. This long-awaited book, about which Mr. Prager has lectured worldwide for 10 years, appeared on the Los Angeles Times bestseller list the week of publication and appeared 15 consecutive weeks, rising to No. 1.
His 1996 book, "Think A Second Time," 44 essays on 44 subjects (HarperCollins), was described by Bill Bennett as "one of those rare books that can change an intelligent mind." USA Today columnist and professor of law Susan Estrich called it "Brilliant, a tour de force."
He has also coauthored two major works about Judaism: "The Nine Questions People Ask About Judaism," now in six languages, and "Why The Jews? The Reason For Antisemitism," regarded by many as the most persuasive explanation of anti-Semitism written.
Mr. Prager has engaged in interfaith dialogue with Catholics at the Vatican, Muslims in the Persian Gulf, Hindus in India, and Protestants at Christian seminaries throughout America. For 10 years, he conducted a weekly interfaith dialogue on radio, with representatives of virtually every religion in the world.
New York's Jewish Week described Dennis Prager as "one of the three most interesting minds in American Jewish Life." Since 1992, he has been teaching the Bible verse-by-verse at the University of Judaism. All the lectures are available on audio and video tape.
From 1985 to 1995, Dennis Prager wrote and published the quarterly journal Ultimate Issue. From 1995 to 2000, he wrote The Prager Perspective. Harold Kushner, author of "When Bad Things Happen to Good People," said, "It is the only journal I read cover to cover the moment it arrives."
His writings have also appeared in major national and international publications including, Commentary, The Weekly Standard, The Wall Street Journal and the Los Angeles Times. His newsletter essay on homosexuality and civilization was awarded the $10,000 Amy Foundation First Prize.
Mr. Prager was a Fellow at Columbia University's School of International Affairs, where he did graduate work at the Middle East and Russian Institutes. He has taught Russian and Jewish history at Brooklyn College, and was appointed by President Ronald Reagan to the U.S. Delegation to the Vienna Review Conference on the Helsinki Accords.
He holds an honorary doctorate of laws from Pepperdine University and has lectured on seven continents, in 45 U.S. states and in nine of Canada's 10 provinces. He has lectured in Russian in Russia, and in Hebrew in Israel.
He has made and starred in "For Goodness Sake," a video directed by David Zucker ("Naked Gun"), shown on Public Television and purchased by hundreds of major companies. His two latest films are on character and race.
Mr. Prager periodically conducts orchestras, and has introduced hundreds of thousands of people to classical music.
Latest posts by Dennis Prager (see all)
- PRAGER: 10 Thoughts on the President and the ‘S—hole Countries’ - January 16, 2018
- Moore: Why the Left Has Been so Wrong About the Trump Boom - January 11, 2018
- I’m Back. Here’s Where I’ve Been - January 9, 2018
Originally posted at http://get.creators.com/content/release/215822.