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LARRY KUDLOW: Biden wants to punish success by redistributing income and wealth
Larry Kudlow: The purpose of ‘Bidenomics’ is to tax the rich and create a larger welfare state
FOX Business host Larry Kudlow calls out President Biden’s economic policies following the release of his new budget on ‘Kudlow.’
The stock market, which got clobbered today, is not always right as a short run predictor, but it does give us a sense of whether the health and wealth of the country is going up or down.
Last year, for example, which was Joe Biden's first full year in office, the S&P 500 fell 18%. This year, while the market got off to a good start, it's now faltering badly and is all the way back to flat on the year-to-date.
This past week in particular after hearing from Jay Powell and the Fed and Joe Biden and his $5 trillion tax hike, the market has started plunging again. The Dow is off about 1,500 points and the S&P is down 5%.
You've got a Fed chair who thinks he has to crush the economy instead of targeting inflation price indexes and you've got a president who's being dominated by the socialist left in his party. Are Bernie Sanders and Elizabeth Warren really running the White House? Take a listen to what Senator Ted Cruz had to say last night:
SENATOR TED CRUZ: "The sad truth is the socialists are in charge of the White House. Joe Biden certainly isn't but the people he surrounded himself with have a very simple approach to everything, they want to spend money they don’t have, they want to raise taxes on you. They’ve unleashed record inflation. This budget that Biden put out would create a $50 trillion national debt and their view is they can just keep printing money and unleashing inflation and keep borrowing money from China. It’s wildly irresponsible."
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