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Larry Kudlow: Biden admin doesn’t believe its policies will actually work
FOX Business host Larry Kudlow shreds the failure of ‘Bidenomics’ on ‘Kudlow.’
I want to make a couple comments about the Biden budget. I absolutely love the headline from Reason magazine: “The White House Claims Borrowing $16 Trillion Over the Next Decade Is Fiscally Responsible.”
So, that is point number one. Since when is $16 trillion fiscally responsible? Then, the subhead is even better: “If you can’t even get close to balancing the budget when unemployment is low, tax revenues are near record highs, and the economy is booming, when can you do it?”
So, that’s point number two. Treasury Secretary Janet Yellen – who is a very smart, experienced, and accomplished public servant – was kind of dodging my friend Edward Lawrence today on the issue of tax hikes damaging the economy, falling real worker wages and the problem with all that borrowing, but one generic point I want to make is that the Biden budget doesn’t even bother to show balance at the end of the 10-year window.
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‘Kudlow’ panelists Russ Vought and Edward Lawrence react to President Biden’s budget calling for massive tax increases.
Not even a phony path to a budget balance. Not even ginning up outrageous growth projections or collapsing interest rates. I mean, the Bidens aren’t even good socialists. Here they are touting the efficacy of huge spending and huge tax increases and huge regulatory burdens, but they don’t really produce the goods in their own numbers.
I mean, if you really believe this stuff, you should probably show 4-5% economic growth and a balanced budget in 10 years. Heck, even 5 years, but what their budget does show me is they don’t believe their policies will actually work.
Of course, I don’t believe their policies will work, either. You’d think, if you really bought into the big government socialist model, that you’d build in some good rosy scenarios in the budget, but they don’t.
I mean, down through the years, most administrations – in both political parties – show a balanced budget over 10 years. A fiction, yes, but a useful fiction. Even a disciplinary fiction, but not the Bidens. The Biden OMB baseline shows a combined deficit increase of $19.5 trillion and the level of debt in public hands is $28 trillion in FY ’24 and $49.8 trillion in FY ’34. That’s an increase of $22 trillion.
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These are gigantic numbers and they could never possibly pass for something called “fiscal responsibility,” which is how the Biden factsheet describes their policies. There are no wars. No national emergencies. No pandemic.
No nothing – except record spending and tax revenues, and deficits and borrowing and, of course, no spending cuts to be found. As Reason magazine asks, “If you can’t even get close to balancing the budget under those conditions, when can you do it?” That is my question and that if my riff.
This article is adapted from Larry Kudlow’s opening commentary on the March 13, 2024, 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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