As the stock markets collapse again, FBN's Stuart Varney blasted Trump's former top economic adviser for getting their massive tax cuts passed and yet not delivering on the economic growth they promised.
As I write this the Dow Jones is down almost 700 points and when Varney & Co., began their show it was down 429 points.
Varney's co-host Ashley Webster tried to downplay the latest economic news that trashed the stock markets again, by claiming Trump's cup is half full, surprisingly host Stuart Varney was not buying it.
Varney groaned, "I'm not so sure you're right on this one. I see some weakness here. Those are not as strong numbers ... "
The Heritage Foundation's chief economist and big Trump supporter Stephen Moore joined Varney to discuss the unmet promises of Trumponomics.
Varney began by stating the fact that the markets are tumbling in part because the overall economy is slowing down.
Moore defended Trump's economy by saying it did grow at 4% even though now it is targeted at 2 1/2%.
Varney jumped in, "It's a disappointment, Steve."
Stuart continued, "When you came out with those tax cuts you were telling us consistently that we would get 4% growth. We only got 4% growth in one quarter. You've got to -- this is a slowdown slow down. A slow down in the rate of growth."
Moore admitted it was a slowdown but of course he's very optimistic for the future. Hey Stephen, get off your tax cuts sugar high, dammit.
Moore then jumped on Trump's idea that the dropping oil prices are saving the economy but admitted we needed to get this trade situation squared away. You mean "Tariff Man" isn't the answer? That's a freaking understatement if I ever heard one.
And then Moore called Stuart Varney a "Debby Downer," for actually being truthful about the economy for a change.
Varney replied, "No, I'm not, look you've got 4% growth in the second quarter. Three and a half in the third quarter. Maybe two and a half in the fourth quarter. I call that a slowdown in the rate of growth and I'm not surprised that there are some people saying maybe we keep on with the slowdown and we get a recession soon."
Moore immediately blamed the Fed for all their latest problems.
Stuart Varney should use this slow down as a teachable moment and admit that tax cuts for the very wealthy and corporations do not transmit into a strong economy that benefits the working class. In fact, just the opposite happens and then conservatives and Republicans alike demand cuts for popular programs like Medicare and Social Security to make up the difference.
Poor Varney's stock portfolio took a hit this week and he's furious. We'd like some disclosure as to where his investments are, how much he personally made off of Trump's tax cut, and how much longer he's willing to bet on trickle down to keep him rich.
It appears there's trouble in Varney's supply-side paradise. Just as every actual economist predicted.
