During a segment of the Fox News program ‘America’s Newsroom’ former Trump economic advisor and now Fox News business anchor Larry Kudlow explained how Biden’s proposed infrastructure bill would change America’s economy forever, and not for the better.
Watch as Kudlow explains the real economic problem with Biden, Pelosi and Schumer’s proposed legislation:
To get even more detail on this important issue read the full transcript for this clip:
PERINO: “President Biden about to announce details on his $2 trillion spending plan. The bill includes rebuilding roads and bridges as well as progressive pet projects. And the Chamber of Commerce weighed in, just a moment ago, putting out a statement calling the tax hikes to pay for it dangerously misguided. So let’s find out more from Fox Business anchor Larry Kudlow. He joins me now. Your overall thoughts on the size of the package that they’re going to announce and how they plan to pay for it.”
Stop the censors, sign up to get today’s top stories delivered right to your inbox
KUDLOW: “Well, I don’t know how big it is going to be. I mean, it could be 3 or 4 trillion. Nobody really knows. I think the Chamber of Commerce has it right. The business round table is going to oppose this.
Look, everybody loves infrastructure, bridges, roads, highways, tunnels repaired. That’s fine. That’s not necessary 3, 4 trillion dollars. You could do it for 1 trillion over 10 years.
You could do it for $100 billion each year which I think is where GOP alternative will land and you can fund that not with these massive tax hikes on individuals and investment and Social Security and businesses, you could do it through user fees, through public/private partnerships, through toll roads, things of that sort.
Do you know, Dana, the federal government is only owns 5 percent of our nation’s infrastructure, 5 percent. Private people own 65 percent. And states and local governments own 30 percent.
So what you’ve got here is this massive over sized government. It’s like a transformational event going back to the New Deal or earlier.
It is going to completely change the American economy for the worse. Central planners are going to run our lives and I don’t think that can be the good thing.”
ARTICLE SOURCE: thefederalistpapers.org