Fifty-four years ago, at the Economic Club of New York, President John F. Kennedy unveiled a dramatic tax-cut plan to revive the long-stagnant U.S. economy. He proposed lowering marginal tax rates for all taxpayers and reducing the corporate tax. He advised lowering the top tax rate from 91 to 65 percent and closing tax loopholes. Five times during the speech he used the word “incentives.”
Larry Kudlow | All Articles
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Larry Kudlow is a senior contributor on CNBC
The election season is heating up, Donald Trump has pulled back even with Hillary Clinton, and every new economic number is being scrutinized for its supposed political meaning.
Doing the same thing over and over again and expecting different results, when in fact the results never change, is one definition of insanity. That definition works for economic insanity, too.
Did Hillary Clinton actually propose raising middle-income taxes in a recent speech? The audio suggests she said “we are going to raise taxes on the middle class,” although the prepared remarks indicate she meant “we aren’t.” Well, these things happen. But the fact remains that Hillary Clinton’s proposals to raise taxes on so-called rich people, rich corporations, Wall Street, investors (capital gains, dividends, and financial transactions), and estates will greatly harm middle-income wage earners who have essentially not had a pay raise since the year 2000.
This economy may be perilously close to recession. That was the message of the second-quarter real-GDP report and its meager 1.2 percent growth rate.
Ted Cruz essentially gave a career-ending speech at the GOP convention on Wednesday night.
Donald Trump hit two home runs this week. The first, immediately following the horrific terrorist truck attack in Nice, was his statement in a media interview that if elected he would ask Congress for a declaration of war to combat global terrorism. The second was the inspired selection of Indiana governor Mike Pence to join the GOP ticket.
The original Magna Carta was a charter agreed to by King John of England in 1215. It just celebrated its 801st anniversary. So no, I wasn’t there. But that charter has become part of an important, iconic, political myth that the deal between an unpopular king and rebellious barons marked the beginning of individual English freedoms, personal liberties, and due-process protection of individuals under the law. Magna Carta has also been cited as providing the essential foundation for the contemporary powers of Parliament and legal principles such as habeas corpus.
Famed investor Wilbur Ross recently told CNBC that “Trump represents a more radical new approach to government that the nation’s economy desperately needs.” He’s right. Trump seeks an overthrow of the establishment. He’s a disrupter. Just what we need to fix the economy.
The May jobs report was a shocker, with nonfarm payrolls up only 38,000 and private jobs up a mere 25,000. A lot of investors and economists are making the case that this was a weird, one-off, statistical glitch, and that stronger employment is on the way. They may well be wrong.
This column was co-authored with Stephen Moore, chief economist at the Heritage Foundation
Mark Zuckerberg and his massive social-media site Facebook have come under strong criticism for allegedly suppressing stories of interest for conservative readers from its influential “trending” news section. Facebook has roughly 1.6 billion users worldwide, of whom 167 million are in the United States. Its “trending” topics is therefore a powerful political influence.
Cathy McMorris Rodgers, the GOP House leadership member from Washington state, finally uttered the words I’ve been waiting to hear with respect to Donald Trump’s march on the nation’s capital. In an NBC News interview with my pal Luke Russert, she said that Trump is a “disrupter,” and we have to learn that that’s a good thing.
Donald Trump has swept the primaries and is now the presumptive GOP presidential nominee. His almost unbelievable primary surge -- from New York to Indiana -- was nothing short of breathtaking. He has confounded almost all the pundits and a majority of elected officials.
Co-authored with Stephen Moore, an economist at the Heritage Foundation.
Donald Trump’s landslide victory in the New York GOP primary was a game-changer. It ended his Wisconsin slump and set the stage for an across-the-board sweep next Tuesday in Pennsylvania, Maryland, Delaware, Connecticut, and Rhode Island.
Does the U.S. government want to help American business or not? Does the administration want to help middle-income wage earners or not? Does team Obama want to grow the American economy at its historic 3.5 percent long-term trend or not? Apparently, President Obama’s answer to all three questions is “no.”
Speaking before a packed audience at the prestigious Economic Club of New York, Fed chair Janet Yellen basically announced that there would be no rate hikes for quite some time -- maybe once before year end, maybe not. Her key point was that the global economy is worse today than it was in December, back when the Fed took its target rate up a quarter point. I think she’s right.
My friend Jonah Goldberg has written a column entitled “Conservative Purists Are Capitulating with Support of Trump.” In this piece, Jonah goes after me and Stephen Moore for allegedly giving up our free-market principles for what he calls “purely consequentialist reasons.” I am not sure of the full meaning of this phrase, but it sounds like we’ve changed our beliefs because Trump is the leading candidate in the GOP presidential race.