Big League Economics
Larry Kudlow: ‘We Are Crushing It’ (Despite Anti-Trump Interest Rate Hikes By The Fed)
President Donald Trump White House adviser Larry Kudlow said Thursday on “Squawk in the Street” that the United States economy is leading the world.
The stock market rebounded Thursday after a 24-hour battle between President Trump and the Federal Reserve, which Trump blames for sparking one-day instability by raising interest rates. Trump strongly disagrees with the Fed’s interest rate hikes — four of which have occurred or are in the process of occurring in 2018.
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CNBC reports: “We are the hottest economy in the world right now. We’re crushing it,” Kudlow said. “Europe is slowing down. Asia is slowing down. We are moving rapidly.”
Kudlow noted the U.S. economy expanded by 3.2 percent in the first half and that the Atlanta Federal Reserve is expecting growth of 4 percent for the third quarter.
U.S. stocks are also largely outperforming global equities. The S&P 500 is up 3.8 percent year to date, while the European Stoxx 600 index has dropped 7.1 percent. In Asia, the Shanghai Composite has plummeted more than 21 percent while the Japanese Nikkei 225 is down about 1 percent.
“Right now, the U.S. is carrying the ball. I don’t see an end to it,” Kudlow added. “With all do respect, I don’t think this is anything resembling a sugar high. President Trump has changed the incentives in the economy. The war on business is over.”
Before the start of 2018, President Donald Trump signed a bill that slashed the corporate tax rate to 21 percent from 35 percent. The administration has also rolled back regulations it deems are hurtful to businesses.
Kudlow spoke with CNBC’s “Squawk on the Street” a day after stocks had their worst day since February. The Dow Jones Industrial Average plunged more than 800 points while the S&P 500 dropped more than 3 percent on Wednesday amid a rout in tech shares and worries over higher rates sent.
The rout eased on Thursday.
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
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