The record highs in the stock market at the end of this week is America's seal of approval for President Donald Trump's pulling out out of the Paris climate accord, as wars on business and fossil fuels come to an end, former economic adviser Larry Kudlow said Sunday.
"Trump is saying, 'I'm here to defend America, and we are going to continue our explorations, technology; we going to try for a clean coal; we're going to keep natural gas fracking; we're going to keep oil,' etc. – and the market loves that, because the market wants growth," Kudlow told "The Cats Roundtable" on 970 AM-N.Y.
Kudlow said neither he nor Trump is anti-climate or against renewable energies, but the technology is not quite ready to power the U.S. and its economy, which needs to kick into higher growth.
"I'm for everything; I'm for all of the above," he told host John Catsimatidis. "I just don't want the government to subsidize any of them, and I don't want the government to regulate any of them out of business," said Kudlow, who was a key architect of Trump’s tax platform and an early supporter of the real-estate billionaire's campaign.
"And renewables are not sufficient in a growing economy. They're only going to supply 3, 4, 5 percent. That's it," said Kudlow, who worked as Ronald Reagan’s budget deputy between 1981 and 1985.
"Trump never said he wasn't concerned about climate change," Kudlow said, but "we're in a bad deal – we're going to have to subsidize these other countries" and our U.S. clean energy needs to be affordable and sustainable if we are to operate in a growing economy.
"The war on business is coming to an end," the Newsmax Finance Insider said. "The war on fossil fuels is coming to an end. The U.S. is not going to be a patsy.
"We're not going to subsidize all these other countries around the world, and we're not going to get trapped in regulations and the mandates that will essentially prevent us – prevent us – from supplying the necessary power to fuel a growing economy," said Kudlow, the author of "JFK and the Reagan Revolution: A Secret History of American Prosperity," written with Brian Domitrovic and published by Portfolio.
Kudlow pointed to German Chancellor Angela Merkel and her overly optimistic renewables plan that "failed," and which former President Barack Obama tried to mimmic, and how Germany has had to backpedal from a jump on renewables before it was ready to service the entire country.
"You can't grow the economy, you can't have prosperity and jobs, if you don't have power – or the power and electricity is so high in price that nobody can afford it," added Kudlow, a radio talk-show host and CNBC senior contributor. "Like [former President] Obama, the Europeans hate fossil fuels. It is a war on fossil fuels, and Germany is the best example.
"They made a big bet on renewables. Wind, solar, etc. And guess what? The bet failed, and they didn't deliver on renewables. . . . Ironically, the queen of climate change the last two years is producing huge volumes of coal."
Larry Kudlow is a senior contributor at CNBC. His new book is “JFK and the Reagan Revolution: A Secret History of American Prosperity,” written with Brian Domitrovic.
To find out more about Larry Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com
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