Larry Kudlow on economy at CNBC's Capital Exchange event – 07/09/2019



morning everybody thank you so much Tyler and Larry welcome on behalf of my new hip replacement and myself pain free it's a great pleasure congratulations thank you still still kicking stronger I never even brought some notes with me I have to fulfill Tyler's how many days is have been in the white house now how long Larry oh I think I'm you're almost a year and a half Wow yeah time flies when you're having fun and I will say it's the most wonderful job you ever had it's a great honor it's a great blessing and it's we get involved in everything national economic councils a heck of a operations probably bigger job and I realized when I first took it but I'm very proud of the policies we'll talk about that in a few moments but yeah a year and a half and it's quite remarkable and I guess you know in terms of the old CNBC duties and so forth one of the things for me that's been an eye-opener it's so much international work National Economic Council NEC has a section which we share with the NSC John Bolton it was a very old dear friend going back to Reagan days and so I've been heavily involved in national security and especially trade Wow trades been the big one so before we get into all of that the very first thing I want to ask you Larry it's after the strong jobs report on Friday yes great jobs report much much much much stronger than expected how can the Federal Reserve still cut interest rates at the end of the month which the market seems to expect in which the president is still calling for well look I think you know you know our nose and others one of my credos down through the years and decades is that rapid growth low unemployment solid job creation does not cause inflation does not cause inflation and the so called phillips curve has been dead for a very long time so in terms of what you're asking this is fair enough but I would say you should be looking at the price indicators not the job indicators will get that this week again and yeah I mean you've got your reported PCE deflator and we're gonna get I guess a CPI number this week if that's right in the market I think watching price signals is a better approach to the Fed look I'm this is an analytic I'm not here as fast a Fed and I respect their independence and Jay Powell is a friend we have we have lunch every month Richard claret is an old friend so forth and so on the only they'll do what they're gonna do put that aside from it I'm just saying analytically so I look at things like the inverted yield curve which I find somewhat troubling and I think is a signal to the Fed if anything it's a deflationary signal I think just something like the the five-year break evens there's a lot of jargon here but I think this audience understands that jargon the five-year break evens in the tips market are running it like one and a half percent which is the CPI breakeven PCE deflator that would probably be about one and a quarter percent or less as you know their target is 2% and actually you know when you when you goods prices are by and large deflating commodity indexes have been sloping lower for quite some time so I'm just saying on that basis watching price signals not your jobs there is room for them to as I have said take back the December hike sure but what about those people who say they only have what's the number eight cuts to give Y give one now the stock markets at all-time highs unemployment is at all-time lows does it seem like it's really that urgent look again I would say they ought to stay with their price targeting they ought to throw away their Phillips curve they ought to give long vacations to senior board staff who run those Phillips curve models but what you're also think with respect to the world economy perhaps we'll touch on that later and these very low interest rates in the in the marketplace not just the target rate I don't see I don't have a problem with an insurance policy and I think that's something to consider I also think Kelly we've had very good wage gains overall whatever 3.1 percent last 12 months I think but when you dig into that things like non supervisor workers manufacturing it's actually hard now I was at the beautiful dinner last night hosted by my friend Steven venusian at the Treasury Department in the old cash room he had about a hundred people plus including POTUS in honor of the Sultan of Brunei anyway my point is there a lot of CEOs there who were talking about how strong wages are but the work force is earning it because the productivity rates got back to about two and a half percent yearly so all that's fine so you could take out an insurance policy but again the price signals suggest as they have all year going back to last autumn that that last policy move in in December was unnecessary and I think they could take it back call it insurance I've called price level watching but but I don't it's funny try as I might for so many years in so many ways and so many shows and so many interviews and so many commentaries price level stability at a steady dollar is what the Fed should aim for it again this is an analytic I'm not here the process oh you're not not employment I mean I know great when the jobs number bunched up as you said and beat all the expectations it's made president very happy when he gave them the news made me very happy I'm John I love people working more people working as joyous July 4th weekend it was a fabulous number pursuit life liberty and the pursuit of happiness is being fulfilled in America and by the way life liberty and the pursuit of happiness is not inflationary should not be crushed by central banks so I just discard all that stuff so if Fed chair Powell and you alluded to this but your point of view on this is very different from kind of the Fed orthodoxy that a lot of the academics and a lot of the economists out there have president gonna say that he wants somebody as Fed chair perhaps with your support on this issue who sees the world and understands the world that way and not Powell so what what kind of discussion will have there been about saying you know what Powell gets put into a different position someone else gets elevated the jockeying Larry in public is pretty clear the way that other members of the Fed are out there with their you know points of view or their dissent there they are clearly messaging to the president you know hey if you're looking for someone else to do this job I'll do it well that's interesting last point you make there I I've been leading the search the selection for the two open seats on the board and I think you're quite right there's no shortage of candidates you're absolutely quite right one outstanding candidate was quite interested but he's already running a Federal Reserve Bank and he wondered if he could be a governor and continue to be the president of a Reserve Bank every time at the Bank of England or the European Central Bank I'll never say but it was I had to exercise some executive guidance say I didn't think that was really gonna happen could someone like Mario Draghi be our Fed chair any reason why not he said yep you citizen I'm asking you the delicate point nowadays he would his ECB where is it Frankfurt Brussels I don't Frankfurt Frankfurt so you've got Mark Carney he's apparently might be elevated to the IMF leaving the Bank of England but I don't know if the president feels is warmly about his tenure as about Draghi's okay probably I'm not sure where you're gone but we could probably give him green cards I don't know if that'll work just kidding I don't know mister draggy I do know mr. Carney my statement doesn't necessarily mean overseas but I would simply say that to your other point I think the Fed and I think the new management at the Fed in the last year or so is not so far from the view that I'm expressing I think that the Chairman Jay Powell and vice chair Richard clara de if their public speeches expressed a lot of skepticism about the models to which you're referring a lot of skepticism now I know some of those messages are mixed and you've probably got lots of brilliant Fed Watchers out here but if you read carefully and listen carefully and I guess Jo be in front of Congress this week and you'll hear some more but they're having a lot of questions about some of these what should the unemployment be what should P star be what should our star be what is the right natural rate so I'm not too sure that the view I've expressed on price signals or the views the president is necessarily so far from where the Fed is so Jay my job is safe yes I believe it is I will say that there is no effort to remove him I will say that unequivocally at the present time yes he said when art Laffer has been saying that monetary policy should be accountable to people the same way that any other kind of policy is especially through the executive branch when he when he says that maybe the Fed shouldn't be independent because then it can't be accountable to voters is he right you know I haven't talked too hard I read some reports about his recent interviews you know he just won the Medal of Freedom Presidential Medal of Freedom which is a fabulous great he's such a distinguished person and I there's no surprise not breaking news but he's a very dear friend of mine and he's a mentor I haven't really had a chance I better call him today and find out what exactly he's telling all this on this point let me say I personally believe the Fed should be independent but that word independent I mean it doesn't mean they operate from another planet and as Arthur said the Fed reports to Congress that's in the in the Constitution and the Fed is appointed or their governors are appointed by the president so I think date and a day to day sense certainly they're independent but that doesn't mean that they shouldn't listen to advice from their elders if you will I think that's what arts saying I'm not a hundred percent sure I'll leave him to clarify that he just says why shouldn't monetary policy this very powerful tool to control the economy not be subjected to democracy just like every other instrument of government it should be controlled by the president by the legislative and executive branches but it's not well I think that's an interesting point of view I think that's good point of view it is a democracy as I said the President appoints the governors and they uh they report to Congress Congress has you know want to get constitutional Congress has the authority to set the value of money you don't hear much talk about that nowadays throughout American history whole presidential elections have been fought over the value of money and you know tying it to gold or silver as such so you know art would be right I'm not sure operationally what that means let me just say in an operational sense in the traditional sense I support that independence but I also believe in a democracy that the president has the right to make his views known as do members of Congress and other interested parties and that contrary to some reports or some reporters or some analysis there's nothing wrong with that there's no holy writ that ever said you can't have a different point of view than the Fed so you see where I'm going on that sure what about so we and there are no plans to be very clear there are no plans presently to change mr. Powell's job or any of that sort of thing I read occasionally that in the papers and president said that too by the way there's no plans to change his position positions career presently or that is correct in general you your king dollar Larry we just we've talked a lot about this one of the things that is most interesting to me is what happens when that's your belief the President believes in I call it peasant dollar you know we call or peasant peasant you know what's not a king you know so they a weaker dollar one that right now he thinks is too strong relative to other countries and and that seems like kind of a fundamental disagreement in terms of viewpoints what is that conversation or dialogue like if there is one about the dollar well I don't have any disagreements with the president and he is the president so he calls the policy shots I'm an advisor look his particular concern in the currency world is the issue of currency manipulation by other countries and I think he's made that pretty clear that there seems to be different valuations for some non dollar currencies that might be a logger has at least with some theoretical models and I guess in particular he talked about Europe a week or two ago when mr. Draghi made his latest pronouncements and the president is concerned that either there's a misalignment or direct manipulation now that's a fine line and we could spend a hundred hours on that and the Treasury Department issues reports on that as you well know but I think POTUS has a very important point here I think a lot of countries have by design pursued policies which might at least in theory give them some advantage in in world trading I think that's wrong remember the the the the predicate for Qing dollar and and by the way the dollars didn't mean dollars steady and reliable this is just how I wanted I'm not saying higher or lower I just want it to be steady and reliable and dependable we have the strongest economy in the world bar none money is flowing to the United States for portfolio and direct investment and that is a function of low tax rates deregulation energy opening trade reform and a steady reliable dollar so that's important that's helping us enormous Lee having said that if you look at the g7 or the g20 communicate they always call for stable currencies and I think that's correct and currency coordination my former boss going back a million years when I started at the New York Fed my god in the early 70s Paul Volcker has made number speeches even recently and his book who calls for international currency stability and coordination I don't think there's enough of that does the president think the dollars too so let me just say that including this question it's not questioning the dog too high it's question of are these other currencies too low by design deliberately so and are they doing so for unfair trading advantages that is an issue that is an issue I don't think it's so much a dollar issue I think it becomes a yuan issue at random B issue a euro issue etcetera etcetera yeah an issue and that's it that's what POTUS is concerned about it's it's not that the dollar is too high so much as it is a question that these other currencies are being managed in a way that makes them undervalued and the suspicion is that they are doing that deliberately and that is wrong and I think the president is exactly right about that and you know you could talk to Steven venusian my dear friend distinguished Treasury secretary who has worked very hard at this with as I say the g20 communicate incidentally is a point I hope you get to it the USMC a deal which I think is the best trade deal ever put together and should be passed immediately and would have enormous pro-growth consequences what would talk about that in a second but in that deal is a currency stability paragraph that's very important so that the loonie and the peso would not be deliberately manipulated so we'd like to see that on a global basis so to wrap it up the point here is not bringing the dollar down but having a world currency view which is stable and to stop I mean in the old days we called it beggar-thy-neighbor right that's not good so are they manipulating their currencies lowered deliberately which which is unfair in a is an unfair trading practice and we don't like that so I hope that point it's true hey King Dodge not the enemy we need much better much more stability in much less manipulation since you raised the the Mexico trade agreement if Congress doesn't pass that and again like I said the clock is ticking you know this is the moment this is the time and you're just not hearing a lot about that passage lately would the president use Mexican tariffs as a way to put pressure either on our own Congress to pass it or as a response if that deal which as you've said a fabulous deal you know everyone involved seems to be for it but if it doesn't pass are those Mexican tariffs coming back well if it does pass it's going to have a booming effect and there's tremendous bipartisan support for it was a deal by the way that was designed as a as a bipartisan deal my friend ambassador Bob light eyes are another Reagan Oh Reagan guide it's a brilliant deal if you take a look at just spend a second on this because I know everyone wants to obsess about detail but it really is well these are the things that an energy director but there's old economy new economy stuff in that deal it's fascinating there's currency stuff in that deal so we are improving our standing with respect to what you might call the old economy farming manufacturing tremendous advantages improvements for the United States and its workforce there's new economy stuff that never gets discussed or properly discussed for example intellectual property theft is or put it on the more positive way patent protections which we've never had and then openings market openings for digital services financial services biologic services there's tremendous stuff well no it doesn't matter because first of all it may well get pissed no words I'm gonna I think speaker Pelosi has been very accommodative on this I mean Bob white Houser works very closely with her I see here periodically she'd been terrific she's opened up I mean she had white eyes would speak to her whole conference and then she appointed some leaders in different areas and of the deal and their meeting with with Bob and his team I need a lot of support for it I remain optimistic that she will provide a boat it'll happen sometime this summer hopefully it could stretch on to the autumn but I think it would be sooner net but it's up to her not me by hazardous said that we will submit the formal legislation when she gives a green light on the vote so the two of them are working rather well together and I think the outcome is going to be extremely positive I just wanted to sneak in I know you're worried about economic growth the international trade commission the ITC which is an independent body priced out tremendous growth increase Kevin Hassett at CEA and myself looked at those numbers and we added a little bit for IP patent protection but but the deal is there's a range of outcomes but the mid points about half a point of additional GDP real GDP per year for the US for the USA summing to something about a hundred and eighty thousand or higher jobs per year and probably Kelly about a hundred billion dollars in new direct and direct and but not portfolio investment for various sectors you know capex call it that's terrific stuff Canada will benefit enormously we just had Prime Minister Trudeau here for a bilat and I was in that gang at lunch and we had he's very bullish on the thing and the Mexicans are very bullish maybe it'll pass all right so I wanted one more little thing because President Trump gave what I thought was an excellent rundown of our environmental policies yesterday although I can't find a newspaper that's reporting it accurately but I've learned to live with that so ok some things in life I cannot control but the Environmental Protection's in that deal for all three countries are terrific and the labor protections particularly with respect to Mexico whose legislature whose Parliament is passing them so this is just win win win win win across the board maker I think terrific difference then how would you describe the situation with China right now well look where where are we on those trade talks what really happened at the meeting between the president xi jinping why did we roll back the band sort of on Huawei although depending on what report you read no we are still no you can't do business with them yes you can but what did we get in exchange for lightening that burden well I think the most important thing the headline was that talks negotiations will resume after a couple of months of Viator that's a big thing a couple of you is always better to talk and not talk in addition to that President Trump who I might add parenthetically he just said this yesterday in one of our meetings he he believes she wants to deal he wants to do okay you said that before I just want to reiterate that except I think there's some misunderstandings here and it's trick what do you think is the misunderstanding on his mood on cheese mood every little it's like fed watching now every little paragraph comes under great scrutiny every blog in China suddenly becomes policy even though it's not so president in a good faith showing has indicated that we will cease any new tariffs any new tariffs fourteen point now President Xi is expected or we hope in return for for our accommodations to move immediately quickly during while the talks are going on on the agriculture front it's good faith but it would be real transaction big purchases of u.s. soybeans and that's correct soybeans we energy possibly and that's very very important and also in good faith president Trump has indicated that with respect to Wow way for example we will allow private sector transactions suppliers to Wow way except under any conditions relating to national security now let me try to clarify that I think you're asking that is that right I don't know I mean does that mean that basically while way can be installed in rural telecom systems but not necessarily the Pentagon no not necessarily the Pentagon is is enough for sure while we remain is on the entity list on the other hand well wait there will be no US government purchases of Huawei parts components or systems that's not going to change but with respect to the private markets I call it general merchandise we've opened the door relaxed a bit the licensing requirements from the Commerce Department where there are no national security influences or Consequences so for example was that mean some of the chip companies would be permitted to sell on a limited basis to wait these are things Kelly that are available their products were available you could buy Minh in South Korea Taiwan Vietnam we don't hold any great cachet that's the sort of thing that will be opened up which was closed all right so that's important and does I guess provides some relief to hallway which is in some trouble now because of American decisions but not just the United States many other countries now with respect to 5g know no transactions with respect to 5g but again generally available we are opening that up for a limited time period the Commerce Department will be revisiting its licensing secretary Russel have more to say about that and that sounds like it's a good-faith effort on our part if you're saying that China is claiming they're gonna make these agricultural purchases and whatnot I remember secretary monition saying I haven't seen him yet by the way absolutely absolutely but yes that that was part of the conversation yeah so waiting on that also the Secretary's comments at the last 10% is the hardest part from earlier this year still rings in my ears yes it seems like that's still the impasse we're at enforcement is still a big issue intellectual property how do you change China's you know behavior so it's great the trade talks every started but should we it basically expect this to now be the status quo with the current tariffs in place maybe no real major New Deal now for who knows how long and this is the business climate for the foreseeable future so you know you write a lot of counts good questions I I think I like Venetians 10% he was kind of given his own take a week or two before I had said it's like being on the 7 yard line and a football game and as a long-suffering New York Giants fan they can be on the 7 then you never get the ball into the end zone hasn't been that bad now host friends eternal I get that and you can draft new quarterbacks and you can have new negotiations so you know I tend to be an optimist about life but what secretary said was right and and you're right also this when you get down to the last 10 percent 7 yard line it's tough so let me just quickly the talks broke down last May as you know and there was a lot of rollback of what we thought were commitments from the China team in particular we were not satisfied with the IP theft or slash protection provisions nor will resat aside with the lack of remedies on transfer of technology or cyber interference or tariffs and non-tariff barriers or enforcement so-called structural issues plus the commodity issues we thought we had commitments and those commitments were removed I won't go detail by detail Kelly but I will say this we our team time and again has asked for a change in Chinese laws and resistance mounted on that point from from the other side they seem to believe that the state Security Council or the Politburo can promulgate regulations and that would be sufficient we don't agree now you could have a philosophical debate was the rule of law in China but III don't want to go that this morning I just want to say they do have courts they do have laws and we would prefer that they be bolstered and we were told at one point that they would be bolstered but it hasn't happened and it was a clear pullback in the cables we received in in early May on the enforcement stuff ditto same thing again without going into details we thought we had agreement on certain issues and monitoring and that turned out not to be the case one last point I'm saying is because this is important stuff I want to be as clear as I can China responses from various power centers including this past weekend they they want what they describe as fair and equitable agreement okay I understand that but we have a very unbalanced trading relationship with them consequently in our view we would like to see remedies and correctives on a number of fronts including some of which we've talked about and that by its nature is not going to be balanced all right because for the last 20-some odd years or more frankly in our view China has engaged in persistent unfair and frequently WTO illegal trading practices they are not reciprocal they are not open and they do not conform with the norms of world trading we want that changed as part of an agreement and so therefore the issue of balance equity is sufficiently ambiguous to be something of a deterrent or a barrier if you will which could be overcome incidentally in negotiations could be overt but it is not look we're sewing it's not impossible POTUS is a very effective negotiator and so is lionize nothing's impossible and where there's a will there's a way I'm just saying at this juncture those are the kinds of things that slowed the talks down or temporarily halted the talks but but but but I want to take a more optimistic view in the future saying that the two leaders have agreed to resume talks that's a big deal okay I want to sneak one more in and then we will open it up to this great group here to ask you their questions but the sort of main theme here that I want to make sure that we end on is you have the president's re-election coming up with all this hanging in the balance you have a stock market that is at all-time highs now you have some policies that who knows how they'll affect growth over the next 12 to 18 months the president's approval ratings just hit an all-time high for him but are still structurally lower then they kind of should be for how well things are are looking so what do you think gets this president re-elected how much in the economy has to go right between now and then and how much of a factor should we expect that to be in these trade talks and so many other things that are going on Wow well I you know not sure I believe you will be reelected shocking declaration from the president by the way strategist says it's Trump pre-election basket is not pricing that in right now interestingly enough yeah they're very good folks but you know polls I don't even look at a poll it's not a likely voter model I don't even bother to like the voter models show him in a very strong position particularly on the economy where his numbers ranged upwards a 60 percent the economy's in great shape as you noted the policies are not going to change all right we're operating an incentive model of growth with low tax rates sweeping deregulation opening up of the energy markets and trade reform those are pro-growth policies tariffs perhaps are part of the trade reform very important part of the trade reform but us MCA is right there in front of us and I pretty optimistic that's gonna get through China will take longer by the way didn't there is no time limit on China there's no speed we want a good deal a high quality deal make that as clear as I can but we're also engaged by the way and very constructive talks with the EU on Japan it's very important we could just sign the TPP trans-pacific partnership we didn't sign them but you could I mean it's that you know no we've rejected that president prefers violence understood actually we think is right and who knows there might even be a deal with Britain if they can liberate themselves let me bring in the audience oh but I want to say the economy is a huge economic growth is a huge issue it's a strongest economy in decades and strongest economy in the world very proud of that in another iteration my life I helped formulate some of those policies and they're gonna stay in place they're absolutely gonna stay in place the incentive model is working so that's a big plus look the other thing Kelly's I know where he you know this is more economic and financial group which is great but there are other issues here that are I think the president will emphasize particularly the our southern border issues the whole immigration issue president has laid down very strong markers with which I entirely agree that needs fixing and they take a while will see the immigration reform we have border reforms we have humanitarian issues economic issues down there it's big mess right now but we're working on and we're working on a mining cooperatively with Mexico that's a very important point Mexico by the way just put six thousand troops down at their southern border but they just put sixteen thousand troops down at our border with Mexico that's fabulous stuff the Obrador government has been very cooperative I think that's a huge plus there are lots of other issues on health care on the environment on world trade so there's you know plethoric the economy economic growth and prosperity is going to be central though that's my view it's going to be central and I think you know frankly we're in pretty good shape on that question cuz I will keep going if not yeah right here you were your first sir the one second the microphones coming up and just say your name if you couldn't Peter Webber and the deficit how are you gonna deal with it it's unsustainable well Peter right now that latest numbers our current deficits about two and a half percent of GDP it's a very modest number and actually I could we could talk about the CBO and so forth but I'll spare but when the CBO put out its long term numbers whatever it is fifty years I just read John telling the Economist John Taylor's wonderful blog actually their lower fascinating nobody pointed that out they all grosser yes yes even the CBO acknowledges that over fifty fifty years now I'd love to be around for that analysis I may not be but the deficits coming down in the long run and I will say Peter as I have there basically only two ways to lower budget deficits one is economic growth which is worth the three and a half trillion her point of GDP that's why I'm harping on you SMC is not small potatoes and limited government and we are pursuing both I don't see this as a huge problem right now at all quite manageable and revenue analysis and I know we have other questions and I don't want to spend too much time revenue analysis is coming in very well with respect to our earliest projections of the impact of the tax cuts on the economy and the budget I mean actually I would argue strongly that the corporate tax cut has already been paid for it and that roughly two-thirds of the overall tax cut has been paid for 2018 was year 1 2019 is year to give me another year or two and I think you're gonna see tremendous improvement but right here two and a half percent of GDP that's the CBO not very much one more question right here in front she was second hi I'm Jennifer Winslow is there a source that we can access that perhaps quantifies is there what job is there a source so we can access that would quantify the cost of the way things are with China in other words you know incremental GDP that's lost or dollars we don't get or dollars we lose because of IT theft it's something that quantifies like this isn't just you know a trade war as the media wants a call but it really is this has to be done because it's costing us is there anything that quantifies you know the ca has put out a lot of memos on this I think some of them are posted on I'm not sure that's you know great it's a it's a great ask you're making some but not all it's very complicated you know the stuff came up about a month ago or someone I was doing one of the sunday shows and I just kind of repeat our best guest view and that is that any consumer impact quote-unquote will be very load I called it de minimis and that that's what our numbers show internally but you have a broader question I think you're kind of hinting at and that is the issue of sort of the overall economic burden and I think that burden is increasingly falling more heavily on China there was a great piece in The Journal op-ed piece by fellow that runs a smallish business who said that as soon as the tariffs were announced he immediately the love is with China immediately cause it's called his Chinese suppliers and insisted on price cuts and they gave it to him so he didn't have to pass along any higher prices to consumers a law that's going on I noticed import prices are really falling rapidly which suggests lots of that is going on so the economic burden doesn't fall on us it really falls more on then there's a lot of production movement going on supply chains are moving out of China and they've been the journal has been reporting on that you know the elasticity's we don't have to buy stuff in China by from Bangladesh or Vietnam or other places Mexico for that matter so the overall economic burden I think is not falling on us it's falling on China and consumer impacts are going to be very low you know let me talk to Tom Phillips ins our new CA chair and also my international guys and see we probably should put out more for the public those would be our views other places have different views but we can be happy to work on that thanks for the question thanks everybody for being here and Larry most of all thank you for your time [Applause]

Author Since: Mar 11, 2019

  1. What does hair dye have to do with journalism on television?

     

    I am today cancelling my DVR auto record of CBS-2 News at 5p
    with Maurice DuBois and Kristine Johnson, it’s just not enough hair dye for me
    on these anchors’ heads, since this is a CBS affiliate I have grown to “expect
    more”…

  2. 22 trillion in national debt, social security, medicare liabilities, and a 401k bubble that could burst anytime and this guy act like he's riding high.

  3. The country is almost 200 Trillion in debt. National Debt, Medicare and Social Security.
    Govt is spending is running a 500 Billion dollar deficit a year.

    We are going down hard.

    Its all a show and game —TRUMP is the game show host.

    The reality is Congress, House of Representatives and past presidents should all be held accountable for the bailouts and allowing the corporate lobbyists to takeover of our country.

    America lost its soul and its the Baby Boomers fault. They were the greatest generation only to allow our country to fall into socialism in the future. What a shame.

  4. Larry Kudlow is a "great pretender." He is pretending to be an economist. If you google "Larry Kudlow's education" you will will find that he DOES NOT have a degree in economics, not even a Master's degree because he dropped out of the graduate program.

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