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Profile: Stephen Moore

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Stephen Moore was a participant or observer in the following events:

The Wall Street Journal’s Stephen Moore interviews reclusive billionaire Charles Koch, the head of the Koch Brothers oil empire. Among the items of interest in the interview is Koch’s admission that he, along with his brother David (see 1977-Present, 1979-1980, 1981-2010, 1984 and After, and Late 2004), coordinates the funding of the conservative infrastructure of some of the most influential front groups, political campaigns, think tanks, media outlets, and other such efforts through a semiannual meeting with wealthy conservative donors. (Moore himself receives Koch funding for his work, according to a Think Progress report published four years later. In return, Moore is quite laudatory in the interview, writing that Koch is a “creative forward-thinking… professorial CEO” who “is immersed in the ideas of liberty and free markets.”) Koch tells Moore that his basic goal is to strengthen what he calls the “culture of prosperity” by eliminating “90 percent” of all laws and government regulations. Moore writes of the twice-yearly conference: “Mr. Koch’s latest crusade to spread the ideas of liberty has been his sponsorship of a twice-yearly conference that gathers together many of the most successful American entrepreneurs, from T. Boone Pickens to former Circuit City CEO Rick Sharp. The objective is to encourage these captains of industry to help fund free-market groups devoted to protecting the fragile infrastructure of liberty. That task seems especially critical given that so many of the global superrich, like George Soros and Warren Buffett, finance institutions that undermine the very system of capitalism that made their success possible (see January - November 2004). Isn’t this just the usual rich liberal guilt, I ask. ‘No,’ he says, ‘I think they simply haven’t been sufficiently exposed to the ideas of liberty.’” (Moore 5/6/2006; Fang 10/20/2010)

Wall Street Journal editorial board member Stephen Moore, appearing as a guest on Fox News host Glenn Beck’s show, compares Social Security to “a big Ponzi scheme.” Moore and Beck are discussing the issue of the US debt, and Moore compares the cycle of different government agencies buying and selling portions of the debt to one another to Social Security, saying: “It’s very much like the way Social Security works. It’s a big Ponzi scheme. It’s like a big vault of IOUs.” (Media Matters 2/2/2009; Media Matters 9/7/2010) Beck will later call Social Security a “Stalinist” program designed to forcibly redistribute wealth to poorer citizens (see January 27, 2010).

Fox News graphic making disproven claims about Congressional health care reform proposals.Fox News graphic making disproven claims about Congressional health care reform proposals. [Source: Media Matters]The Wall Street Journal, Fox News anchors, conservative Web news purveyor Matt Drudge, and conservative radio host Rush Limbaugh promulgate a discredited claim by health care lobbyist Betsy McCaughey that the economic recovery bill pending in Congress includes a provision that would have the government “essentially dictate treatments” for sick Americans. McCaughey wrote a commentary for Bloomberg News on February 9 that makes the claim (see February 9, 2009); Drudge and Limbaugh echo and add to the claim the same day. The next day, the Wall Street Journal’s senior economic writer, Stephen Moore, appearing on Fox News’s flagship morning news broadcast America’s Newsroom, joins news anchors Bill Hemmer and Megyn Kelly in promoting the same claim (see October 13, 2009), with Moore saying that the provision would “hav[e] the government essentially dictate treatments.” Moore credits Limbaugh with informing him of the claim, saying: “I just learned of this myself yesterday. In fact, Rush Limbaugh made a big deal out of it on his radio show and it just—it caused all sorts of calls into congressional offices.” On February 10, Limbaugh takes credit for spreading the claim, telling listeners: “Betsy McCaughey writing at Bloomberg, I found it. I detailed it for you, and now it’s all over mainstream media. Well, it’s—it headlined Drudge for a while last night and today. Fox News is talking about it.” McCaughey is wrong in the claim: according to an analysis of the legislative language by progressive media watchdog Media Matters, “the language in the House bill that McCaughey referenced does not establish authority to ‘monitor treatments’ or restrict what ‘your doctor is doing’ with regard to patient care but, rather, addresses establishing an electronic records system such that doctors would have complete, accurate information about their patients ‘to help guide medical decisions at the time and place of care.’” Moore says: “[T]his news story really has exploded on the public scene in just the last 24 hours, Bill. We’ve been just inundated with complaints from people about the implications of having the government essentially dictate treatments.” Moore later goes on to add that the bill “especially will affect elderly people, because one of the ways, if we move more towards a nationalized health care system, as this bill would move us one step towards that, what you have to do to restrain costs—what many other countries do, like Canada and Britain, is they essentially, Bill, ration care. And they tell patients you are eligible for this kind of care, but this is too expensive. And so what this bill would essentially do is set up a kind of pricing mechanism to tell people, yes, we can afford to treat you for this, but not that.” Moore encourages viewers to “express their outrage over this” before Congress takes the issue up. Kelly adds another false claim: that the bill discourages doctors to act on their own judgment and promotes medical decisions “in the spirit of uniform health care.” Kelly notes, “That sounds dangerously like socialized medicine.” Hemmer also makes the false claim that the legislation contains “rules [that] appear to set the stage for health care rationing for seniors, new limits on medical research, and new rules guiding decisions your doctor can make about your health care.” Hemmer calls the provision a “midnight health care insertion” into the Senate spending bill. (Media Matters 2/10/2009)

Tom Raum, a reporter and analyst for the Associated Press (AP), calls Social Security “a giant federal Ponzi scheme” destined to “bury… the nation ever deeper in debt.” Raum then writes: “Although calling Social Security a Ponzi scheme—think of the huge frauds that sent billionaires Bernard Madoff (see August 14, 2009) and R. Allen Stanford to prison—may be a bit of a stretch, there is one clear similarity. As in a Ponzi scheme, the concept works fine at first. So long as there are more new ‘investors’ pumping money into the system to pay off the earlier ones, everyone is happy. But at some point not enough new money is coming in and the scheme collapses.” Raum claims that Social Security system trustees have reported that by 2016, money paid out in benefits will exceed the revenues flowing in, and in 2037, the system will be entirely penniless. Thusly, Raum writes, Social Security “is projected to go insolvent in 2017.” (Raum 8/16/2009) (The Raum article is reprinted over several days by different press outlets, but according to progressive media watchdog organization Media Matters, originally appears on August 12.) (Schulman 8/12/2009) However, the trustees did not say what Raum claims they said. In their May 12, 2009 report, the trustees said that the Social Security trust fund, not Social Security itself, will be completely depleted in 2037. And after that happens, according to the trustees, revenue from payroll taxes will be sufficient to pay about three-quarters of scheduled Social Security benefits through 2083: “Under the intermediate assumptions, the OASDI cost rate is projected to increase rapidly and first exceed the income rate in 2016, producing cash-flow deficits thereafter. Redemption of trust fund assets will allow continuation of full benefit payments on a timely basis until 2037, when the trust funds are projected to become exhausted. This redemption process will require a flow of cash from the general fund of the Treasury. Pressures on the federal budget will thus emerge well before 2037. Even if a trust fund’s assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates are projected to be sufficient to pay 76 percent of scheduled benefits after trust fund exhaustion in 2037 and 74 percent of scheduled benefits in 2083.” The Associated Press accurately reported on the trustees’ report the same day it was issued. (Administration 5/12/2009 pdf file; Crutsinger 5/12/2009; Schulman 8/12/2009) Stephen Moore of the Wall Street Journal made a similar claim to Raum’s in February (see February 2, 2009).

Eric Bolling, a host on Fox Business Channel, appears as a guest on Fox News’s The Live Desk, where he attacks Social Security as a “Ponzi scheme.” Bolling explains that a lack of increase in July’s Consumer Price Index (CPI) means that Social Security benefits also fail to increase, but then shifts into a claim that Social Security is “underfunded or almost unfunded.… People are paying into Social Security. That money’s being used to pay for seniors right now, so, it’s kinda like a Ponzi scheme.… They should rename it the Madoff Social Security system, because down the road, there’s not going to be enough money.” Bolling is making reference to Wall Street financier Bernie Madoff, who stole billions of dollars from clients through a web of fraudulent schemes. (Media Matters 8/14/2009; Media Matters 9/7/2010) In February, the Wall Street Journal’s Stephen Moore made a similar claim (see February 2, 2009). And an Associated Press reporter made a similar claim two days before Bolling (see August 12-16, 2009).

The exterior of the St. Regis Resort in Aspen, Colorado.The exterior of the St. Regis Resort in Aspen, Colorado. [Source: Real Aspen (.com)]The reclusive but highly influential Charles Koch, of the Koch brothers oil empire (see 1977-Present, 1979-1980, 1997, 1981-2010, 1984 and After, Late 2004, May 6, 2006, April 15, 2009, May 29, 2009, November 2009, December 6, 2009, April 2010 and After, and July 3-4, 2010), holds a private meeting with some 200 wealthy financial and political figures at the exclusive St. Regis Resort in Aspen, Colorado. The meeting is designed to bring the participants together to combat what Koch calls “the threats posed to American freedom and prosperity” by Democrats and the Obama administration. To that end, many of the sessions in the two-day event target methods and plans to influence and manipulate the upcoming 2010 midterm elections. The meeting is highly secretive, with participants warned not to discuss the proceedings with anyone, especially members of the media, but in August, the liberal news Web site Think Progress will obtain a copy of a September 2010 memo from Koch that contains the June 2010 event program. The various events include:
bullet a seminar on “The Bankrupting of America”;
bullet a seminar on the “regulatory assault” on environmental concerns and how to further business goals by defeating environmental regulations;
bullet a seminar on how to influence universities and colleges to “advance liberty”;
bullet a seminar on how to “micro-target” the electorate in order to win elections for conservative Republican candidates;
bullet a seminar on “The Threats to American Freedom and Prosperity” conducted by Koch himself;
bullet “Understanding the Threats We Face,” a seminar moderated by Wall Street Journal reporter Stephen Moore (see May 6, 2006), Ramesh Ponnuru of the National Review, Phil Kerpen of Americans for Prosperity (AFP—see Late 2004), and Peter Wallinson of the far-right American Enterprise Institute (AEI);
bullet a seminar on “An Integrated Strategy to Face These Threats,” moderated by Koch’s senior assistant Richard Fink;
bullet an evening address, “Is America On the Road to Serfdom?” by former Fox News talk show host Glenn Beck;
bullet a seminar, “We’re Spending Too Much,” on how to lower government spending, conducted by Russ Roberts of the far-right libertarian Mercatus Center;
bullet a seminar, “Understanding This Year’s Electorate,” by journalist and AEI fellow Michael Barone;
bullet a follow-up seminar on how to “Fram[e] the Debate on Spending” for the elections, moderated by members of AEI and the Mercatus Center;
bullet a seminar, “Mobilizing Citizens for November,” featuring Tim Phillips, the head of AFP (see August 6, 2009) and Karl Crow, the head of Themis, the Koch-funded computer database being used in “micro-targeting” voters (see April 2010 and After);
bullet a seminar hosted by Arthur Brooks of AEI on how to frame the “fight” as one between “free enterprise and Big Government”;
bullet a seminar on how best to target participants’ philanthropic gifting;
bullet a seminar on “reforming” K-12 public and charter schools;
bullet a seminar on impacting judicial elections in several key states;
bullet a seminar on transitioning from the 2010 elections to the 2012 presidential elections and how “supporters of economic freedom” can “start planning today” for that election;
bullet a final evening address, “What’s Ahead for America?” by noted neoconservative columnist and Fox News pundit Charles Krauthammer.
The event features David Chavern, a senior official at the US Chamber of Commerce, one of the entities contributing the most funding to conservative political organizations (see August 2, 2010, September 13-16, 2010, and October 2010). Think Progress’s Lee Fang will write: “In an election season with the most undisclosed secret corporate giving since the Watergate-era, the memo sheds light on the symbiotic relationship between extremely profitable, multi-billion dollar corporations and much of the conservative infrastructure. The memo describes the prospective corporate donors as ‘investors,’ and it makes clear that many of the Republican operatives managing shadowy, undisclosed fronts running attack ads against Democrats were involved in the Koch’s election-planning event.” Many of the “investors” listed as attending or participating in the events include executives from health care corporations; executives from fast-food and other food-industry executives who have fought against providing health insurance to their employees; an array of banking and financial executives; and a number of energy industry executives. Fred Malek, who serves as the top fundraiser for a $56 million attack ad campaign against Democrats (see Mid-October 2010), attends, as does Heather Higgins of the Independent Women’s Forum, another organization that has spent millions opposing health-care reform. Many of the election-focused seminars address how to take advantage of the Citizens United ruling that lifted restrictions on corporate election spending (see January 21, 2010). The Aspen meeting, as with earlier meetings, is managed by Kevin Gentry, a Koch Industries executive and Washington lobbyist. (Fang 8/23/2010; Koch 9/24/2010 pdf file)

On Fox News’s business show Bulls and Bears, Fox Business Channel host Eric Bolling tells viewers that he is glad young Americans will not have Social Security and will have to work instead of relying on what he calls that “Ponzi scheme” of a program. When Bolling calls Social Security a “Ponzi scheme,” the host and four other guests laugh and call out approving statements; host Brenda Buttner shouts repeatedly, “I love his show!” Bolling says that it is good young people “realize they’re not going to be able to suck at the teat of the nanny state too much longer, get off their butt, work, put some money away, and not have to rely on a system that’s gonna fold, probably by the time they get to collect a check.” (Media Matters 7/24/2010; Media Matters 9/7/2010) In February 2009, the Wall Street Journal’s Stephen Moore made a similar claim (see February 2, 2009).


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