Varney on Iowa Democratic debate: Income inequality will be their answer to the Trump boom
'This will be fascinating'
FOX Business’ Stuart Varney, in his latest “My Take,” said he can't wait for the upcoming Democratic debate in Des Moines, Iowa, on Wednesday since the main topic will focus on the economy.
Right now, Varney said, America is experiencing solid economic growth, low unemployment, wage increase and low interest rates.
“This will be fascinating,” he said. “What are they going to say about this? Two words: income inequality.”
Varney said the seven Democrats who will take the stage will provide an answer to President Trump’s prosperous economy: it’s not working for everyone.
“As long as anyone's economic demands are not satisfied, this economy is a bad economy,” he said. “Nonsense, of course, but that’s their line.”
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So if the economy is so bad, Varney asked, what will the Democrats do about it?
Every candidate plans to tax the rich and big businesses, as well as spend trillions on green energy, Varney said, and they won’t explain how these plans will make everything “magically ok.”
“What they want to do is gin up the emotion of jealousy: ‘You've got more than me. That’s not fair. We're going to take it off you,’” he said.
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But the irony in all this, Varney said, is that two of the frontrunners are billionaires.
Democratic presidential candidates at the primary debate at Loyola Marymount University on Dec. 19, 2019, in Los Angeles, California. (Mario Tama/Getty Images)
According to Varney, Tom Steyer has boosted his campaign by spending a “fortune” on ads – money he’s made as a hedge fund manager.
Former New York City mayor Michael Bloomberg has already spent more than $160 million on his campaign, Varney said, and now leads as an “uber-billionaire.”
“Here it comes, Wednesday night: ‘Income inequality!’ ‘The economy doesn't work for everyone!’” he said. “And a couple of billionaires who made their money on Wall Street buy their way into the race.”
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Varney advised those who plan to watch the debate to keep in mind: unemployment is the “lowest in generations,” wages for low-paid workers are rising and three out of four Americans say the economy is working for them.
“Keep this in mind too,” he said. “The best way to destroy prosperity is to put a socialist in the White House.”