Continuing to come unhinged and flash his liberal colors in the first CNBC Republican presidential debate on Wednesday, co-moderator John Harwood pontificated that President Obama has made the United States economy “the strongest in the world.”
What prompted Harwood’s outburst was George Pataki answering a question about the Federal Reserve from Rick Santelli by declaring that “[w]e need to grow our economy faster” because “[w]e’ve had the worst economic recovery since the Great Depression and it's because of policy in Washington and policy at the Fed.”
Rushing to defend President Obama, Harwood lashed out at the former New York Republican Governor: “Governor, if that's true, why was our economy limping six years ago and now it's the strongest the world?”
Pataki responded by pointing out that the economy was a “disaster” in 2009 when Obama took office, but did nothing to improve the situation:
[W]hat did he do? Instead of focusing on pro-growth policies in the economy, he ran through ObamaCare, the worst law of my lifetime that hurt small businesses, hurt companies, raised taxes, and almost completely eliminated one industry because of its taxes.
Minutes earlier in the debate, Harwood went after Republican Governor Bobby Jindal (La.) for his conservative budgets over the years while leading the Bayou State.
For more on Harwood’s worst moments as CNBC’s liberal chief Washington correspondent, check out this great piece from my colleague Geoffrey Dickens here.
The relevant portion of the transcript from CNBC’s first Republican presidential debate on October 28 can be found below.
CNBC’s Republican Presidential Debate
October 28, 2015
6:42 p.m. Eastern
FORMER REPUBLICAN GOVERNOR GEORGE PATAKI (N.Y.): We need to grow our economy faster. We've had the worst economic recovery since the Great Depression and it's because of policy in Washington and policy at the Fed and let me go back to Washington —
JOHN HARWOOD: Senator — I mean, Governor, if that's true, why was our economy limping six years ago and now it's the strongest the world?
PATAKI: John, no question Barack Obama inherited an economic disaster in 2009, but what did he do? Instead of focusing on pro-growth policies in the economy, he ran through ObamaCare, the worst law of my lifetime that hurt small businesses, hurt companies, raised taxes, and almost completely eliminated one industry because of its taxes. The Fed had to act and the Fed did act and appropriately in reducing interest rates but they've reduced them now for seven straight years, that's never happened before. They've been zero for way too long. They should raise the rates, the Fed should get out of manipulating the market and the Fed also, by the way, should reduce its balance sheet, $2.7 trillion. Let some of those bonds mature and put the money back into the banking system to our economy can grow.
