President Joe Biden and the Democratic attempt to radically transform the United States are failing due to their inability to pass their massive budget bill, former chief Trump economist Larry Kudlow said on Sunday.
Speaking on "The Cats Roundtable" radio show on WABC 770 AM hosted by John Catsimatidis, Kudlow said Democrats "are flummoxed. They are in complete disarray. They are pointing fingers and blaming each other" for the "demise and decline of this crazy, big-government, socialist tax-and-spend bill in Washington DC."
Kudlow praised Sens. Joe Manchin, W-Va., and Kyrsten Sinema, Ariz., who he called the only Democratic moderates left in the Senate, for "putting a dagger" into Biden’s budget bill.
"Manchin is strongly against all the spending, and he insists on means tests and workfare [work requirements]," Kudlow said. "He’s also against the Green New Deal. And he really put a dagger into both… And Sinema put a dagger into all these proposed tax hikes. She said 'No’ to a higher corporate tax. 'No' to a higher individual tax. 'No' to a higher capital gains tax."
Kudlow warned that "if that bill ever went through with all these massive tax increases, which would kill profits, you would lose jobs and lower wages and you would shrink the economy."
He emphasized that businesses need profits in order to grow, but that the left-wing progressives in the White House and Congress "don’t care about business [and] they’re ignorant of how this economy works."
But Kudlow said that the American people "are full of common sense. And that common sense is leading them to say we don’t want to transform America in some radical direction. We don’t want to transform the culture and we don’t want to transform the economy," stressing that "this transformation theme is going down. Biden is going down."
Kudlow added that the economy is actually in good shape in the emergence from the coronavirus pandemic, despite inflation worries and concerns about the supply chain, and that "hopefully Washington won’t screw it up by taxing everything that moves."
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