Despite some warning signs, the "economy is strong" and, even more important, so is the opposition to President Joe Biden's economy-killing Build Back Better spending plan, according to former Trump administration Director of the National Economic Council Larry Kudlow.
"I think the bill is dead; right now I can tell you with certainty: It will not pass between now and year's end," Kudlow told Sunday's "The Cats Roundtable" WABC 770 AM-N.Y. "And I regard that as a very good thing because, frankly, if the bill did go through it, would do great damage to our economy."
While Democrats are unlikely to squeeze the socialist-spending bill through the 50-50 Senate even through budget reconciliation, they can revive it after the new year, Kudlow warned host John Catsimatidis.
It will not get done this year," Kudlow said emphasizing again "not." "It's going to push it into next year.
"The movement into next year means the chances of the bill going through are dropping. Falling. Falling. Falling. Save America, kill the bill."
Kudlow added inflation remains a problem, particularly since it is no longer pandemic-related.
"Inflation is the horse that's left the barn," he continued. "It will be hard to get it back in.
"[Federal Reserve Board Chairman Jerome] Powell has to take care of all of that. If he doesn't, then all hell is going to break loose next year."
But, for now, there are promising economic conditions for growth, as "profits are booming," Kudlow concluded.
"To be honest with you, the economy's pretty strong," he said. "I know a lot of people are politicizing this number because of the non-farm payrolls, but actually, it's a misleading number.
"The economy's quite strong. You're going to have a big fourth quarter, probably up 9% or 10% and unfortunately, the inflation rate is also going to be up about 7% or 8%. It's going to be wild. It's like an inflationary boomlet that we're having."
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