Larry Kudlow: Biden Big Govt Push 'Devastatingly Bad' Larry Kudlow, when he was White House National Economic Council Director in 2020. (Tasos Katopodis/Getty Images)
By Eric Mack | Sunday, 02 May 2021 11:57 AM
President Joe Biden's push for big spending and big government in his address to a joint session of Congress this week is going to cripple the U.S. economy and is "outside" the American idea and tradition, according to former Trump economic adviser Larry Kudlow.
"There's one thing that really upset me in Biden's speech was the part of the speech where he said we're for the people, we the people is government, and that is just wrong," Kudlow told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y. "Go back, I have a good source on this, it's called the Declaration of Independence."
Kudlow rejects Biden's meddling into a booming economy and his big-spending and big-government agenda, fearing Biden "believes the government should control everything."
"They are outside the boundaries of the American idea and the American tradition, and I just can't let that go, because I thought that was a devastatingly bad statement."
After former President Donald Trump led the way on how to get the economy roaring, the Biden administration should follow suit and just get out of the way, Kudlow told host John Catsimatidis.
"The economy is booming; let it boom," Kudlow said. "If it ain't broke don’t fix it. Don't jack up taxes on companies that create jobs. It's not going to work. We've learned that from history."
Punishing success in a capitalist society is not the American way, according to Kudlow, a famed supply-side economist, rejecting Biden's rebuke of "trickle-down economics never worked."
"Don't punish success," Kudlow emphatically responded. "That's the problem here. If you want to redistribute by raising taxes [taking] from Peter to pay Paul, you're going to find out: A. It doesn't work; B. Peter and Paul won't even get jobs. You won't get growth from this."
The best "welfare program ever designed" in American history "is a good job," Kudlow said.
"Biden refuses to learn from Trump, who cut taxes on business," he added. "We had an unbelievable boom, record low unemployment, and by the way the first real wage increases in 20 years.
"He should take a page from [former President Ronald] Reagan, he should take a page from Bill Clinton for heaven sakes – who cut the capital gains tax. He should take a page from the Democrat John F. Kennedy, who was the first post-World War II tax-cutting supply-sider."