I’m sure with the stock market at record highs and real estate prices soaring, the rich are suffering.
Yes, this is Larry Kudlow’s concern. Let’s say you’re making $10K a month and are down 36% is a lot different than making $2 or $3K a month and being down 12%. If you’ve got a family to feed then that 12% loss is quite dramatic. Whereas for the wealthy, it might just mean they can’t buy that boat or go on that vacation. But really, it just seems implausible that the rich aren’t doing “so great lately” when they have access to interest rates near zero to buy assets and building businesses. Overall, it’s just strange to me that Kudlow thinks getting rid of regulations and cutting taxes for the top 1% are going to create growth. It might create growth for the top 1% but it also might cause another economic crisis if you get rid of regulations.
“It’s also worth noting that the so-called rich haven’t had it so great lately. Recent studies by Manhattan Institute economist Scott Winship and Cato Institute economist Alan Reynolds show that during the Great Recession, the top 1 percent lost 36 percent of its income, while income for the bottom 90 percent was 12 percent lower. As of 2014, the top 1 percent was still poorer by 18 percent than it was in 2007, compared with a 9 percent decline for the bottom 90 percent. Reynolds also notes that middle-incomes fell only 1 percent in the 2007-09 recession, after counting tax cuts and government benefits.
These facts and figures slay a lot of left-wing urban legends. Highly divisive urban legends, I might add.” (CNBC)
And I don’t really know what Kudlow means by “so-called” rich. Is he saying they’re really not that rich and shouldn’t be attacked…or taxed so high.
In reality, as far as creating jobs, Trump wants to do many things that Clinton wants to do. Take infrastructure for instance, Trump wants to spend money to improve roads, bridges and airports to create jobs, same as Clinton.
What really stands out in this piece and in Kudlow’s pro-Trump support in general is how he’s fine with promoting the conspiracies and lies that are part of the Trump campaign. Kudlow starts the article with the lie that Clinton wants to raise taxes on the middle class. Kudlow also is happy to tweet out support for Trump conspiracy filled ideas – Trump loves to allude to things that may or may not be true, and Kudlow is doing the same. He loves to say many people are saying such and such lie.
Oh yeah, and remember during that debate when the candidates went after CNBC for being biased. I’m surprised Kudlow hasn’t moved to Fox Business. I’m guessing his ideas would be more welcome there.
How in the world can you support a candidate like Trump who attacks businesses on an individual basis. He’s gone after Amazon and Macy’s and Apple and whoever he doesn’t like that week. But really, how can you support a candidate for president who would be put in detention or kicked out of any elementary school in the United States for being a bully.