When Donald Trump was president, he had some of the best and brightest people working for him. His administration was made up of experts and go-getters; people who understood their jobs and knew how to get the job done. That was partly why we enjoyed one of the best economies the world had ever seen.
One of those people was Larry Kudlow, a top economic advisor for President Trump. He is now a regular fixture at Fox Business. Kudlow knows a thing or two about the economy. And he is calling out Biden’s toxic policies for what has been happening since 2021. Right now, Biden is blaming Russia for the last year of inflation. But Kudlow dropped a hammer on old Joe. And he’s saying the stagflation has already begun.
From Fox News:
Former Trump economic adviser and Fox Business Network host Larry Kudlow warned Thursday that the United States has entered a period of stagflation and that President Biden’s policies, not the Russian invasion of Ukraine, have caused it…
“The first quarter [figures] are going to come in about two percent, Sean, but the inflation rate is going to be about eight percent. So that’s stagflation. That’s not going away,” Kudlow said…
“We are going to have to see an enormous increase in interest rates. And yes, that is going to lead to a recession. The middle class, the working folks are going to bear the brunt of that. Their real wages are already falling and there’s going to be worse than that,” he said.
Larry Kudlow is calling out Biden’s failed economic policies for our struggling economy. He is saying “stagflation” is already happening. It has nothing to do with Russia’s invasion of Ukraine and everything to do with Biden’s reckless spending and bad policies. The only thing that can combat it, Kudlow says, is if the Fed dramatically increases interest rates.
That will slow down inflation. But, in turn, it will lead to a recession. When lending rates go up, businesses have a harder time borrowing money. That leads to reduce spending, cut salaries, and a frozen economy. Larry warns that, sadly, middle-class and working-class Americans will “bear the brunt” of this.
He says wages for most Americans are already falling, due to rising costs. But when the recession hits, they will feel it worse. And who are they going to blame? Putin? Of course not. They are going to blame the man who said he would “build back better.”
What’s even crazier to think is that, had Biden passed his massive spending bill, things would be even worse. But the only glimmer of light is if Republicans can retake Congress this fall, and shut down Biden’s agenda for good.