Biden’s ‘green worker paradise’ plan will usher in ‘Soviet-style Bulgarian economic policies’, warns Larry Kudlow
Republicans blame the sharp rise in inflation on lax monetary policy and freewheeling stimulus spending by the Biden administration.
Larry Kudlow, who was the Trump administration’s Director of the National Economic Council, warned on Thursday that high inflation could be permanent if Biden’s plans are passed.
‘If Uncle Joe Biden gets his green worker paradise, Soviet-style Bulgarian economic policies, massive tax increases, massive social spending, destroying the fossil fuel energy sector, then the dollar will collapse and leaping tax rates will choke off economic growth,’ Kudlow said on his Fox News program.
Joe Biden’s $6 trillion budget plan has already sparked major inflation fears given it is set to boost federal spending by 25 percent, which is the highest since World War II
‘Call it the 1970s with a socialist spin. In that case, we will have permanently higher inflation. And we will have weaker and weaker economy.
‘Now if, on the other hand, Mr Biden’s green worker paradise does not get voted in, then I’m going to say this inflation bump is just going to be temporary. A couple more months that’s all. Really a rebound from the pandemic deflation, and actually, it’s a sign of strong economic growth. There will be no long-term inflation consequences. That’s if we don’t get the Bulgarian model.’