Larry Kudlow, an economist who’s become best known for his punditry on CNBC, is rumored to be the pick for the head of President-elect Donald Trump’s Council of Economic Advisors, and, as always, liberals are raising a fuss about his appointment in a major way.
Now, it’s unknown whether Kudlow will be nominated, or whether he’ll accept the post.
However, he has gone on record in an interview with Fox News Radio as saying that, “If there is an offer we will look at it very, very seriously. It’s awfully hard to say no to a president but at the moment I am just grateful to be considered, I don’t have any new news on that.”
Liberals are furious about Kudlow’s possible nomination for a number of reasons. We have five major ones here, courtesy of The Wall Street Journal:
1) Kudlow does not have a doctorate in economics.
In spite of the fact that Kudlow has taken graduate courses at Princeton, worked under the Federal Reserve Bank and the Reagan administration’s budget office — in addition to numerous jobs with financial firms in the private sector — liberal economists still believe that the position ought to be reserved for academics or those who have spent almost the entirety of their career within the federal government or think-tanks.
You know, like Timothy Geithner. That worked out pretty well, no?
2) Kudlow believes Keynesian economics are bunk.
This gets to the heart of why the liberal establishment doesn’t like Kudlow. Even conservative fiscal appointees are expected to show some deference to Keynesian theory — the idea that government spending is the best way out of recession.
He doesn’t believe the theory, for instance, that every one dollar spent by the government is worth about $1.70 because of the “multiplier” model — or, the fact that it gets spent and then spent again, thus increasing its value. Kudlow believes that tax cuts effect economic recoveries better because of their ability to incentivize growth to a greater extent than government transfers, with considerably less debt.
This is the real reason he’s facing so much trouble; unless a conservative can say, like Nixon once did, that “We’re all Keynesians now,” they’re going to run into a wall of resistance.
3) Kudlow believes in free trade.
Trump’s protectionism has been one of the more worrying aspects of his presidency for some conservatives, and they’ll be happy to know that Kudlow is a fervent free-trade proponent. At any rate, he’ll be able to balance some of Trump’s job-saving economic propositions while maintaining a robust regime of free trade.
If a president were to successfully do both, it would prove just how flawed the Obama-Clinton economic model was — thus infuriating the left.
4) Kudlow did not predict the 2008 market crash.
Neither did Timothy Geithner, though. Before he was Obama’s secretary of the treasury, Geithner was just as clueless as everyone else.
“At a March 2008 meeting of the Federal Open Market Committee, Mr. Geithner strenuously objected when a colleague said financial institutions were undercapitalized,” The Wall Street Journal reports.
5) Kudlow, having worked in the Reagan White House, will re-pursue Reaganomics under President-elect Trump.
Yes. And that’s exactly why every American who isn’t a leftist ideologue should support him.
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