Tag: Larry Kudlow

Commentary: The Tax Increase That’s Hidden in Plain Sight

RealClearWire

Americans have less money than they had last year — though taxes haven’t been raised. So what’s the problem? Inflation, which has increased at a 40-year high annual pace of 7.9%. It acts as a hidden tax because we don’t see it listed on our tax bills, but we sure see less money on our bank accounts.

In fact, inflation-adjusted average hourly earnings for private employees are down about 2.5% over the last year. This means a person with $31.60 in earnings per hour is buying 2.5% less of a grocery basket purchased just last year. “For a typical family, the inflation tax means a loss in real income of more than $1,900 per year,” stated Joel Griffin, a research fellow at The Heritage Foundation.

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Kudlow Echoes Pence, Says ‘No Second Wave’ of Coronavirus Coming

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by Andrew Trunsky   White House economic advisor Larry Kudlow said Monday that there “is no second wave” of the novel coronavirus coming, as states across the country reported rapid increases in new virus cases. Kudlow touted the progress that the country has made in combating the COVID-19 virus during an interview with CNBC. “There are some hot spots. We’re on it,” Kudlow said. “We know how to deal with this stuff now, we’ve come a long way since last winter and there is no second wave coming.” His comments resembled those made by Vice President Mike Pence, who wrote an op-ed in the Wall Street Journal June 16 titled, “There Isn’t A Coronavirus ‘Second Wave.’” “All in all, I think it’s a pretty good situation, and of course reopening the economy is the key to economic growth, and we’ve had a whole bunch of green shoots that are showing recovery probably coming on faster than a lot of people thought,” Kudlow said. Kudlow blamed the increasing case count on additional testing, a similar argument to what President Donald Trump said during his Saturday rally in Tulsa, Oklahoma. Kudlow’s statements stand in contrast with those made administration official Peter Navarro, who said on CNN Sunday that…

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Top White House Economic Adviser Won’t Rule Out Blocking Coronavirus Relief to Sanctuary Cities

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Larry Kudlow, the director of the U.S. National Economic Council, won’t rule out the possibility of prohibiting bailout funds to states that have sanctuary cities.

Appearing Sunday on CNN’s “State of the Union,” Kudlow spoke about a possible “Phase Four” of a coronavirus stimulus bill to help Americans struggling economically from the COVID-19 pandemic. The top White House economic adviser also was asked if a Phase Four would include funds for state and local governments.

“There may be additional legislation,” Kudlow began, noting the federal government has already green-lighted more than $3 trillion in “direct federal assistance” for individuals and struggling businesses in the country. “We probably will have some ideas.”

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China Imposes Tariffs on $60 Billion in U.S. Exports in Response to President Trump’s $500 Billion Tariff Hike

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Xi Jinping

  China said Monday it would impose tariffs on $60 billion worth of imports from the United States, retaliating after President Donald Trump boosted taxes on $200 billion worth of Chinese goods sent to the U.S. and moved to impose duties on another $300 billion of Chinese exports. The Chinese finance ministry said its new 5% to 25% tax would be imposed June 1 and affect 5,140 U.S. products exported to China. Beijing said its response was targeting “U.S. unilateralism and trade protectionism.” “China will never succumb to foreign pressure,” the foreign ministry said. “We are determined and capable of safeguarding our legitimate rights and interests. We still hope that the U.S. will meet us half way.” The new Chinese taxes came hours after Trump, on Twitter, urged China not to strike back, claiming that “China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!” The escalation of the tit-for-tat tariff increases had an immediate effect on the U.S. stock market, with the key Dow Jones Industrial Average plunging more than 2% in mid-day trading in New York.…

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US Poised to Pump Dollars Into Venezuela After Maduro

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The United States is prepared to pump U.S. dollars into Venezuela to fortify the economy if President Nicolas Maduro leaves, the top White House economic advisor Larry Kudlow said Wednesday. Kudlow told reporters that Washington is already working with banks and the International Monetary Fund on a rebuilding plan to revitalize the country’s crushed economy and said that, when the time comes, “we will be moving as fast as we can.” “We call it Day Two,” he said at a briefing arranged by The Christian Science Monitor newspaper. “It would be a rescue plan, it would be a restructuring plan, it would be a plan to put cash into the country.” Venezuela’s oil economy has crumbled under a collapse of crude exports and international sanctions against Maduro, who Washington and its allies view as illegitimate. The United States has been pressuring for Maduro to step down or be overthrown, but he has clung to power with the support of Venezuela’s military. “The timeline is to get rid of Maduro. I have no idea when that is going to be,” said Kudlow. Once Maduro leaves economic assistance would be immediate, beginning with pushing the US currency in to reignite economic activity,…

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Lt. Gov. McNally Discusses New North American Trade Agreement With His Peers at White House Meeting

Jason M. Reynolds

Lt. Gov. and Sen. Randy McNally (R-TN-05) on Wednesday participated in a panel discussion at the White House with lieutenant governors from across the country. The discussion featured National Economic Council Director Larry Kudlow and White House Chief of Staff Mick Mulvaney and centered on the new United States-Mexico-Canada Agreement (USMCA), according to a statement from McNally’s office. McNally tweeted, “President @realDonaldTrump has committed to putting America first in all things, especially trade. I was grateful for the opportunity to learn about the new agreement and how it will affect our economy.” President @realDonaldTrump has committed to putting America first in all things, especially trade. I was grateful for the opportunity to learn about the new agreement and how it will affect our economy. pic.twitter.com/zUlHnCqhlc — Randy McNally (@ltgovmcnally) March 27, 2019 He also tweeted, “I was honored to join my fellow lieutenant governors from across the nation at the @WhiteHouse to discuss the state of our economy and how #USMCA will impact our states. Free trade is beneficial for our economy, but only if it is fair trade.” McNally said in his statement, “I was honored to join my fellow lieutenant governors from across the nation to discuss the…

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Larry Kudlow Says American Energy Can Upend Russia’s Influence

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by Jason Hopkins   President Donald Trump’s chief economic adviser said the U.S. is capable of upending Russia’s “hegemony” in the international energy market. “Some of the things we’re talking about do focus on the energy sector,” Larry Kudlow said during an interview with Hill.TV that aired Monday. “We are the dominant energy power. We will be producing 15 million barrels of oil per day in a couple of years. We’re passing the Saudis. We’re passing Russia.” Kudlow, who currently serves as director of the National Economic Council, bragged that there is so much natural gas coming out of the Permian Basin, for example, American producers don’t even know what to do with it. Numerous regions across the U.S. are experiencing a natural gas boom, thanks in large part to the implementation of hydraulic fracturing. “So what does that mean? Means we have to have infrastructure for pipelines, east, west, west, east. Get this stuff to the northeast, get this stuff to Europe and challenge Russia’s hegemony on nat gas and LNG [liquified natural gas],” he said. “This is doable. We have to really focus on the energy sector. Most of this stuff can be done privately.” Kudlow ended the segment by explaining that the…

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Larry Kudlow Sheds Light On What Will Likely Be A Major Priority For Trump In 2019

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by Michael Bastach   White House economic adviser Larry Kudlow said President Donald Trump is likely to make building oil and natural gas pipelines a major priority next year to meet the needs of booming U.S. energy production. A focus on pipelines would hit two aspects of Trump’s agenda: energy dominance and rebuilding U.S. infrastructure. “We need infrastructure, including pipelines,” Kudlow said during an event at Economic Club of Washington on Thursday, The Hill reported. “We need east to west, we need west to east.” Kudlow said an energy executive spoke with Trump on Wednesday about the need for more pipelines to bring oil out of the Permian Basin, a major shale play straddling the Texas-New Mexico border. The Permian is the country’s most productive drilling regions, but there aren’t enough pipelines to get all the oil and gas to market. Kudlow said companies are forced to flare products they are unable to get out. “He’s got more than he knows what to do with. They’re burning it off, flaring,” Kudlow said, adding there were policies at the federal level that could help get more pipelines built. “The states have some problems. But we also have some leverage at the federal…

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White House Economic Advisor Larry Kudlow Home After ‘Very Mild’ Heart Attack

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Larry Kudlow

White House Press Secretary Sarah Sanders said Wednesday that President Trump’s Economic Advisor Larry Kudlow was released from the hospital after suffering a heart attack. Voice of America reported Sanders said that, according to doctors, Kudlow’s recovery was “going very well” and that Trump and his aides “look forward to seeing him back to work soon.” As reported by several media outlets Monday, including The Tennessee Star, the world learned of Larry Kudlow’s medial emergency from President Trump himself, literally minutes before his historic meeting with North Korean leader Kim Jong Un. Our Great Larry Kudlow, who has been working so hard on trade and the economy, has just suffered a heart attack. He is now in Walter Reed Medical Center. — Donald J. Trump (@realDonaldTrump) June 12, 2018 The White House released a brief statement Tuesday updating Americans on the popular advisor’s condition: National Economic Council Director and Assistant to the President Larry Kudlow is expected to remain at Walter Reed National Military Medical Center as a standard precaution after experiencing what his doctors say was a very mild heart attack yesterday. His doctors expect Larry will make a full and speedy recovery. We look forward to seeing him back at work…

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Kudlow: Canadian Prime Minister Trudeau Betrayed Us, ‘Stabbed Us In The Back’

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Larry Kudlow

by Robert Donachie   White House economic adviser Larry Kudlow said Sunday that Canadian Prime Minister Justin Trudeau “stabbed” the U.S. “in the back” when he announced his nation will impose retaliatory tariffs against America. President Donald Trump, Trudeau and other leaders of the G7 nations — Britain, Canada, Japan, Italy and Germany –met for a two-day summit over the weekend to discuss the possibility of ending a potential trade war. “We had long night sessions. He (the president) was a participant. Not only did we play, we were in the communique. Team players, really, really, team players here to help the Western alliance and then Trudeau throws him under the bus with very harsh language,” Kudlow told Jake Tapper on CNN’s “State of the Union.”  “Jake, it was a betrayal. It was a kip diplomatic betrayal. That is not good, and we were close to negotiating a trade deal with Mr. Trudeau,” Kudlow said. Trudeau announced in a post-summit press conference that Canada is considering imposing tariffs against the U.S. if America does not back away from tariffs on steel and aluminum. “The United States has moved forward with significant tariffs on our steel and aluminum industry,” Trudeau said. “I highlighted that it was not helping in our renegotiation of…

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