LARRY KUDLOW: Bernie Sanders is hitting two-for-two with the Democratic ticket
Vice President Kamala Harris finally chose Minnesota Gov. Tim Walz as her ticket-mate. He was the first choice of Sen. Bernie Sanders, the avowed Vermont socialist. That may be all you need to know about Gov. Walz.
That makes two-for-two for Sen. Sanders, who strongly endorsed VP Harris to become the DNC standard-bearer. Call it the modern Democratic Party.
Just the other week, in the now infamous "White Dudes for Harris" Zoom call, Gov. Walz said, and I quote: "One person's socialism is another person's neighborliness."
Huh? I don't know what that means. I'm a neighborly guy, and I have a lot of neighborly friends I get along with, but none of them are socialists, but I digress.
I will say, it's disturbing that he wants to ban fracking, just as Kamala Harris does. He's in favor of the Green New Deal and all the woke climate change policies and price tags that go along with it.
Just recently, Treasury Secretary Janet Yellen put a $78 trillion price tag on that. Plus, of course, there's a $32 trillion price tag on Medicare for All — nationalizing healthcare — supported by Mr. Sanders, Ms. Harris and presumably Mr. Walz. I guess that means he agrees with the Biden-Harris administration about mandating EVs, whose rare-earth, mineral-based batteries principally come from China — even while most American folks want to hang on to their gasoline-powered cars.
Additionally, it is reported that Gov. Walz favors drivers' licenses for illegals, which strikes me as a dangerous pathway to illegals voting, and he's a proud defender of sanctuary cities.
On economic policy, Mr. Walz is a big spender and taxer. His two-year budget passed in 2022 had a 38% increase in state spending and a $10 billion tax hike, according to the Committee to Unleash Prosperity Hotline.
His proposed budget for 2024–25 included major league tax hikes on successful earners, capital gains and dividends. Importantly, the state of Minnesota has a 9.8% corporate tax rate, which is the highest in the nation, and it has a 10.8% capital gains tax — in third place just behind California and New York.
RECESSION FEARS, MARKET SELL-OFF RAISE ODDS OF A BIGGER FED RATE CUT
So, it seems that Gov. Walz has the same disrespect for the economic power of business that Kamala Harris does, and that leads to perhaps the most important issue of all: the recession threat.
Unemployment is rising, manufacturing is falling, consumer confidence is shaky, housing is in recession and consumer spending might be hanging on by a thread. In recent days, stock market crashes around the world are reinforcing recession fears. So, who do you trust to restore economic prosperity?
It sure looks like the Democratic team wants to punish businesses with much higher tax and regulatory penalties, even though it's businesses who hire workers and deliver paychecks, but the Republican team wants to strengthen business with lower taxes and regulations.
My old friend and partner Jim Cramer recently said, "If you care about your paycheck, you go with Trump." As is often the case, Jimmy Cramer has the story right.
This article is adapted from Larry Kudlow’s opening commentary on the August 6, 2024, edition of "Kudlow."