'Wet Blanket': Former WH Adviser Blasts Biden Economic Policy

The economy could be headed for a post-pandemic boom, with unemployment at its lowest point since the pandemic began, the stock market near record highs, and travel and retail sales on the rise. But a former Trump administration official is warning all of that is threatened by the current White House.

Larry Kudlow, former director of the National Economic Council under President Donald Trump, says the former president left policies in place for the economy to make a V-shaped recovery from the coronavirus pandemic. "As the vaccines clear away the pandemic, the economy is still riding high on the tax and regulatory reductions put in place by the prior administration," Kudlow told his audience on FOX Business Network. "If economic policy would stay out of the way, this 10% type boom could go on, frankly, for several more years."

But Kudlow doesn't believe the Biden administration will stay out of the way. "Let me repeat an old adage: if it ain't broke, don't fix it," he cautioned. "Their tax strategy will throw a wet blanket over an economy that wants to boom. We could have kept this story very simple...leave it alone."

Instead of leaving it alone, Biden has proposed a massive $2 trillion infrastructure package that is loaded with non-infrastructure spending, and paid for with massive tax hikes on businesses and higher income individuals. "If this stuff gets through Congress later in the year, I'll tell you folks, set a place at your dinner table for Calamity Jane, because it's not going to work," said Kudlow. "It never has in the past, and it is not going to work in the future. Leave well enough alone."

Sponsored Content

Sponsored Content