Former President Donald Trump’s top economist is desperately ringing alarm bells over President Joe Biden’s and Democrats’ plans to completely transition the country over to green energy while shunning fossil fuels.
Speaking bluntly, Larry Kudlow said in no uncertain terms that the transition will lead to economic disaster and job losses in America on a gargantuan scale.
Specifically, Kudlow — during an interview on Tuesday with Fox News’ Sandra Smith — was addressing remarks from Biden over the weekend during his trip to Asia in which he used the term “transition” often to signal his plans for the U.S. economy.
“Yeah, quiet part out loud. Defending essentially high gasoline prices. As you know, oil is at $120 a barrel today. I just want to tell you, any so-called transition to a green economy that ends fossil fuels would be an economic catastrophe,” Kudlow began.
“It would be a permanent recession. We couldn’t possibly do that or afford that. The job losses would be in the tens of millions. I am not exaggerating. A lot of first-rate economists have made the same point of view. So I’m leery of this transition,” Kudlow continued.
“And in Biden’s piece today in The Wall Street Journal, he starts talking about more investment credits and more tax credits for green. It’s the Green New Deal, you know, it’s a sheep in sheep’s clothing, it’s the Green New Deal masquerading as the Green New Deal,” he added.
“That dream, that craziness, that wokeness is going to destroy our economy. If that’s what they mean by transition, and I think it is, then we’re in for it,” he said.
Biden finally went public with his plan to combat inflation but several experts panned it as empty rhetoric.
Regarding the plan, Kudlow said: “Here’s my biggest critique: There’s no effort here, no discussion whatsoever to freeze federal spending, at least domestic spending, which is something they’ve got to do if they want to stop inflation.
“In fact, he talks about, you know, childcare allowances and elderly allowances. He wants more spending, which is going to make the problem worse,” the Trump economist added.
“He takes pride in the deficit reduction. The deficit reduction this year is about running off the emergency programs, high-inflated revenues.
“And by the way, the Trump tax cuts have stimulated corporate tax revenues enormously. So that’s not going to work either,” he added.