Kevin Hassett: Biden is making policy errors never seen before by economists

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Kevin Hassett: Biden is committing 'econo-cide'

Former Trump economic adviser Kevin Hassett warns economy could be worse than the 1970s

President Biden will sign the $1.2 trillion infrastructure bill into law during a ceremony at the White House on Monday while Democrats try to muster enough votes to get another massive social spending bill to his desk. Kevin Hassett, a distinguished visiting fellow at the Hoover Institution and former senior economic adviser to President Trump, discussed Biden's ambition on "The Ingraham Angle."

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KEVIN HASSETT: "I’m trying to think of the right word for what [President] Biden is doing…Biden-enomics is not negative enough. He’s really doing econo-cide. You know, he’s got a demand stimulus that’s as big as we’ve ever seen and then he’s whacking the heck out of supply. You know, he’s regulating firms, promising big tax hikes—you, know, we have the highest marginal tax rate in the whole developed world if they pass those tax hikes, and all of that is basically creating all this cash chasing supply but supply is going down so you see inflation. You know, people sort of say it’s looking like the 1970s but I actually think it could be worse than the 1970s, if you look at all these forces. These are policy errors that are unlike anything that economists have ever seen. And finally, the last thought is: where are all the economists? I mean Larry Summers, you were right to cite him, but the academy is just silent about this. They need to step up."