Larry Kudlow: Socialism will cost US trillions
National Economic Council Director Larry Kudlow on socialism, Trump administration trade negotiations with China and the fallout from President Trump and North Korean leader Kim Jung Un walking away from a deal at the summit in Vietnam.
With socialism comes major sticker shock, according to top White House economic adviser Larry Kudlow, who warned that it would take a big chunk out of U.S. economic growth.
“This could be $100 trillion, taking 15 percent out of GDP [gross domestic product],” he told Stuart Varney on Friday.
Even worse, it would ultimately shatter the entire U.S. economy.
“It would destroy incentives. It would destroy business. It would destroy entrepreneurship,” he said.
Kudlow also said putting the government in charge would put a dent in pro-growth policies.
“Remember the failure of the Soviet Union years ago, take a look at Venezuela today – we do not want to demoralize America,” he said. “America is on the way back—it’s the strongest economy in the world.”
In 2018, the U.S. economy grew by an estimated rate of 3.1 percent, according to the White House's latest read on GDP.