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Larry Kudlow: Biden continues to believe he can tax the country into prosperity
FOX Business host Larry Kudlow calls out the president’s State of the Union address and economic policies on ‘Kudlow.
Congratulations to President Joe Biden, who continues to believe that he can tax the country into prosperity. I say “congrats, Joe” because the entire history of tax hikes shows the revenue increases never pan out.
The economy is depressed. Investment falters and, if that weren’t enough, you would be emulating western Europe which has been taxing itself into recession for many decades including now.
If it’s not exactly big government socialism, it sure comes close, doesn’t it? Proud of you, Mr. President! You never miss a progressive beat. By the way, I don’t want to ignore the spending increases in the president’s budget, I just felt like starting with the tax hikes.
Now, Mr. Biden flagged this in his bellicose, highly partisan, and over-caffeinated State of the Union speech last week, but in today’s new Biden budget, it’s all true blue. Raise the corporate tax from 21 to 28%. Let foreign governments also tax our corporations.
Also bring back the phony so-called book-value tax hike, which ignores statutory credits, deductions or expensing. Raise the top income tax rate. Raise any number of investment income taxes. Go for the unconstitutional wealth tax on unrealized capital gains.
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‘Kudlow’ panelists Art Laffer and Byron Donalds discuss the president’s calls for massive tax increases.
Jack up the Medicare tax and lots of other tax hike goodies, that come to roughly $6 trillion over the next 10 years. So, when you raise corporate taxes, you’re hurting middle-class working folks the most. They will bear about 70% of the tax hike burden. Taxing other investments, or small businesses, who pay the top tax rate, or letting foreigners smash our first-in-class technology companies.
All this drains the animal spirits from the economy, curtails after-tax returns to work investment and risk-taking and blunts the supply side of the economy, which means higher taxes.
Plus, the massive Biden regulatory state creates fiscal inflation pressures. The budget deficit will get worse – not better – under all these tax hikes and let it be known that revenues are not the problem in recent years, because they’ve been running steady at over 17% of GDP.
The problem is with spending, which is running well over 24% of GDP, much higher than the average of the past half-century, and where Mr. Biden has already increased spending and borrowing by roughly $6 trillion, but in his new budget, he’s got roughly $3 trillion in new spending proposals – that’s brand new spending proposals.
Childcare, education, training, earned income tax credits, Obamacare health subsidies, paid family and medical leave, mortgage credits for housing subsidies and plenty of other stuff that we don’t know about yet.
Oops, almost forgot: student loan cancellation, which the Supremes have ruled unconstitutional – but, Mr. President, congrats for ignoring that law as well!
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No matter what you’ve been telling us, deficits are going to run $2 trillion per year as far as the eye can see, if not more and you’ve got a very good chance of achieving $50 trillion in publicly held federal debt over the next 10 years. That would come to about 120% of GDP in peace-time, with less than 4% unemployment.
Turn Maynard Keynes on his head. I’m proud of you, Mr. President. You’re breaking all known rules of all known economic schools, except the progressive socialist school, but really, taking a look at your economic polls in particular, and your overall performance polls in general, that progressive model you’re clinging to doesn’t seem to be working all that well for you.
So, it’s time for a change, sir and I happen to know somebody down in south Florida, who’s chomping at the bit, ready to take another big bite out of the apple to finally straighten America out.
This article is adapted from Larry Kudlow’s opening commentary on the March 11, 2023, edition of “Kudlow.”
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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