Stephen Moore says lower income for men is a major problem for the economy



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The fall in men's incomes is the main challenge of the economy, according to Stephen Moore, the man that President Donald Trump has said he wants to appoint to the Federal Reserve Board.

Speaking on Tuesday with CNBC's Squawk Box, Moore was asked about earlier writings, some of which have been labeled sexist by critics. Anchor Becky Quick in particular asked him a question about an article he had written for the National Review and in which he was worried about a society in which women were earning more than men.

"The biggest problem I see in the economy over the last 25 years is what happened to the earnings of men, black men and white men as well," Moore said. "They've gone down, which is, I think, a big problem."

"I want all salaries to increase, of course, people are talking about women's earnings, they have increased," he added.

Since 2010, men's real median weekly earnings have increased by about 2.1%, according to the Bureau of Labor Statistics. Real incomes of women increased by 3.9% during the period.

"The problem is in fact the steady decline in men's incomes, and I think we should pay attention, because it has very negative consequences for the economy and society," he said.

Stephen Moore

Anjali Sundaram | CNBC

Mr. Moore has not yet been formally appointed to the position of governor of the Fed, a 14-year term. White House officials said they were continuing to check his background and that it was unclear when he had the necessary votes in the Senate to be confirmed.

White House economic advisor Larry Kudlow said Trump had decided to continue the appointment after Moore wrote an editorial on the Wall Street Journal criticizing the Fed's rate hike in December, its fourth increase in 2018. Trump blamed the Fed for continuing to tighten policy and said economic growth, which hovered around 3%, would be even stronger without the increases.

If it is confirmed, Moore said he would adopt a cooperative approach to help the Fed guide the economy.

"I want to do the president [Jerome] Powell, the Fed's most titled head of history, has achieved 4% growth with zero inflation. I really think we can do it, "he said.

However, to get to this place, Moore will have to overcome increasingly critical criticism of his earlier writings, including the assertion that women should not be present in men's sports.

"Is there not a place in life where men can take a vacation with women?" he wrote in one piece.

Addressing CNBC, he said he hoped to be judged on the basis of economic advice provided to Kudlow and Trump, who he said led to the best economy in 20 years.

"If it's about things that I wrote 18 years ago and that were impolitic, for which I had apologized, which were, you know, insulting, then I'm I have a problem, "he said. "If it's economic ideas, then it'll be fine."

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