One of the many topics President Biden tried to tackle at the first presidential press conference of his administration was the question of his stance with American businesses. But Biden’s rhetoric has sparked concerns among lawmakers and business leaders that Democrats are intent on waging a class war on a successful business in the country, including Trump’s Director of Economic Affairs, Larry Kudlow.
Kudlow told The Cats Roundtable on Sunday that Biden’s press conference showed Biden was “moving 50 yards to the left,” and warned that Biden’s openness to removing the filibuster, a Senate rule that permits the prolonging of debate on legislation. If Democrats could get rid of the filibuster, Kudlow was certain it would open the gate for a “progressive left agenda.”
That agenda would wage war on big and small businesses, overhaul the immigration system, see the passing of the Green New Deal, and increased taxes for Americans.
“If they get rid of the filibuster, a lot of the legislative agenda will go through,” Kudlow cautioned. This is the first time I’ve seen president Biden really adamantly saying the filibuster has to change. He’d been lukewarm on that before. But now it’s very clear to me he wants it to change. and it will be up to the GOP to stop it but this could have major major implications.”
Kudlow told The Cats Roundtable he couldn’t tell “how this will play out,” but said the ripples of the removal of the filibuster, which allows the Republicans push back in a 50-50 split Senate where they are the minority party, would be felt from Wall Street to Main Street.
The former Director of Economic Affairs also took slightly with Biden’s characterization of the relationship of investors, business owners, and the American working class.
“He has this idea that the wealthy are too rich,” Kudlow told The Cats Roundtable, adding that investors, entrepreneurs, and business owners were “the worker’s best friend.”
“If you are worried about worker jobs and worker wages, their best friends are investors,” he explained. “If you keep raising their taxes and punishing them, you’re punishing success, and that’s not American. America should reward success.”
Biden took particular aim at what he characterized as a Trump tax policy that prioritized corporations and the wealthy, which Kudlow called simply “just not true.”
“The biggest beneficiaries of the corporate and small business tax cuts were middle income, blue-collar workers,” Kudlow corrected. “Mister Biden has that story wrong.”
But true or not, Biden’s words are the tip of a Democratic platform that is playing out behind the scenes. Senator Bernie Sanders as the head of the Senate Budget Committee has proposed a corporate tax rate that far exceeds the one Biden ran on. Kudlow told The Cats Roundtable that the radical ideology that has replaced practical policy would ultimately harm those Democrats espouse to help: the American worker.
“Look,” Kudlow said, addressing Biden directly,” you’re not going to build an economy, you’re not going to be competitive around the world, you’re not going to bring investment home. You’re going to repel investment. Corporations will leave. Inversions will start all over again if we wage war on businesses and wealthy investors. That is nuts, and that is part of this class warfare that will do great harm to our economy.”
Listen to the interview below