Kudlow: Biden, Democrats seeking 'radical' takeover of economy
Fox Business host warns 'Hannity' so-called infrastructure bill is 'Trojan horse' for tax hikes
President Biden and his Democrat allies are attempting to realize a "great progressive-left dream" by centralizing government power over the economy under the guise of infrastructure spending, Fox Business host Larry Kudlow told "Hannity" Thursday.
SEAN HANNITY: $5 trillion on top of a year with a lot of other COVID relief. Larry, my calculator doesn't go that high. I don't see how it adds up. My understanding of the economy is when you tax people at these rates, corporate taxes will be passed on to consumers. Energy costs going higher will be passed on to the American people. The American people are going to be whacked. Everything they buy, every bit of energy they use, they will be paying through the nose.
LARRY KUDLOW: You're on target tonight, Sean. Your economics are superb. ... What you have to remember here is this is a great progressive-left dream of centralizing more and more power in Washington, D.C. unelected bureaucrats, central planners, at the expense of the private investment, free enterprise economy. So many statistics here are bad.
One thing I want to point out: The tax hikes on corporations will come to about $1 trillion. That's going to set back investment productivity. Middle-class, blue-collar wages will fall as a result of this, because we won't get the investment and the productivity for family income boosts that we had under Trump.
Meanwhile, they are going to hand out, through the federal government, more or less $800 billion in subsidies. Let me get this right: We're going to take a trillion away from companies through higher taxes. But the federal government is going to shovel 800 billion in subsidies.
What that amounts to is, it puts the companies as hostages to the federal government and the government's political direction of the economy.
This is new. The parameters here have never been seen before. Again, this always was the proverbial Trojan horse to repeal Trump's tax cuts, to develop a tremendous increase in the social welfare state.
...
This is a radical change in the ... relationship between Washington and the rest of the country. Very bad, extremely bad, with negative economic consequences coming.
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