On Friday’s show of FNC’s “Fox & Friends,” network host Larry Kudlow reacted to the Inflation Reduction Act as the United States entered recession.
Kudlow said President Joe Biden and his administration “stand up” to say that the country has not entered a recession after a series of setbacks.
“[Biden] It may feel good, but the rest of the country won’t,” Kudlow advised. “I mean, look at the recession war, look at George Orwell’s recession war when you have two back-to-back negative quarters – World War II. There hasn’t been a recession since World War II. Always. So I think it’s enough to say that this is not a regression. Theoretically this is possible, but unlikely. So point number one. Second point, the inflation rate you mentioned a second ago is actually higher than it was in May. So, not good. Core inflation could be 7% or 8% right now.”
He continued: “First, why raise taxes when you’re in a recession? This is the part I don’t understand. And I think this compromise bill has pushed the Republicans — I mean, the $284 billion CHIPS-Plus bill has barely dried ink; Now they’re proposing this bill, which is a $739 billion tax increase with $583 billion in spending.”
He added that the misleading title of the Inflation Reducing Act would “make George Orwell proud” because the Democrats’ massive spending would cause more inflation and “make the recession worse.”
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Source: Breitbart
