 |
| Larry Kudlow |
A debate over the GOP’s stance on the national deficit played out in real time on Fox News on Friday as host Chris Wallace called out former White House economic adviser Larry Kudlow over his criticism of President Biden’s $1.9 trillion relief package, reports The Hill.
Kudlow had torn into Biden’s legislation, warning it would “kill the economy” because of what he said would be an inevitable rise in the national deficit.
“Larry Kudlow, when he was working in the Trump White House and passing huge tax cuts and huge spending plans, including multitrillion-dollar bills for COVID relief, there wasn’t so much concern about deficit and debt,” Wallace said Friday. “He seems to have found religion now that he’s back out of the government.”
Wallace is correct here. During Trump's presidency, Kudlow was the Director of the National Economic Council from 2018 to 2021 and the spending and the deficits soared to the tune of multi-trillions but there were never any objections from Kudlow.
Of course, I doubt Wallace supports the shrinkage of government spending that should be undertaken to get the economy going on a permanent basis post-lockdowns.
But Wallace is correct in pointing out the hypocrite that Kudlow is by failing, even now, to condemn the profligate spending of the Trump administration while objecting to the reckless Democratic spending which is just a continuation of the Trump spending.
-RW
Inevitably,profligate government spending will create inflation. More importantly, by 2027, the National Debt will predictably exceed the Gross Domestic Product (GDP). While several "modern" economists do not view this as a disaster, more traditional economists predict a major debacle that could easily lead to the fall of the American Capitalist Society. I concur with the 2nd view.
ReplyDelete