On Friday’s FNC broadcast of “Fox & Friends,” network host Larry Kudlow reacted to the Inflation Reduction Act amid the United States entering a recession.
Kudlow said it was a “reach” by President Joe Biden and his administration to claim the country was not entering a recession after back-to-back quarters of decline.
“[Biden] may feel great, but the rest of the country is not going to feel so great,” Kudlow advised. “I mean, look, on the battle of the recession, the George Orwellian recessionary battle, when you have two consecutive negative quarters — since World War II, there has never not been a recession. Ever. So, to say it’s not a recession is, I think, a reach. It is theoretically possible, but it is highly, highly unlikely. So, that is point number one. Point number two — the inflation number you mentioned a second ago is actually higher than May. So, that is not good. Underlying inflation may be about 7% or 8% right now.”
He continued, “Number three — why would you raise taxes when you’re in a recession? This is the part that I simply do not understand. And I think this reconciliation bill, which was kind of sprung on the Republicans — I mean, the ink was barely dry on the vote for the so-called CHIPS-Plus bill, which is $284 billion in spending; now they come up with this bill, which is A $739 billion tax hike, right, with $583 billion of spending.”
He added that the misleading title of the Inflation Reduction Act “would’ve made George Orwell proud” because the massive spending from the Democrats would create more inflation and a “worse recession.”
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