The country’s economy is doing great, former President Donald Trump’s chief economist Larry Kudlow said over the weekend, with the only obstacles coming out of the swamp in Washington D.C.
Speaking on “The Cats Roundtable” radio show hosted by John Catsimatidis on WABC 770AM, Kudlow gave an example of economic trouble emanating from the Capitol as “this woke budget resolution from the Democrats, which would raise taxes by $3.5 trillion.”
He also harshly criticized reports about “this crazy idea [from the Biden administration] that we’re going to let Europe and foreign countries tax our corporations … which is probably unconstitutional.”
But he said the rest of the nation’s economic story is great, insisting that “if it ain’t broke, don’t fix it” and emphasizing that the budget resolution is a solution in search of a problem.
Kudlow said there has been some temporary inflation, “but the market has been seeing through that” and “the stock market is doing great. You’ve got huge profits. You’ve got free money.”
When asked about a shortage of essential supplies that are hampering some businesses, Kudlow said that “my hunch is that you’re going to get some lousy inflation numbers for another month or two. But I think we are pretty close to the peak. And that’s what the bond market is telling you.”
He gave as an example lumber prices, which had skyrocked but have tumbled by more than 60% in recent weeks, which he said will make housing considerably cheaper to build.
The economist also cited “the Taiwan Semiconductor Company, which is the world’s largest producer of [computer chips] … [is] now amping up their production … by 60%. That’s going to fill in a lot of the supply shortages like in the car business … That’s a very bullish, bullish thing.”
When asked what he would tell people about the current situation, Kudlow said, “Keep your chin up. The economy is booming. People are going back to work. Rates are low. Profits are high. Everybody is making money,” adding that “businesses are opening, right and left.”
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