Trump Economic Team Says Inflation Won’t Fall Back to 2 Percent Unless Democrat Policies Change

Economists Art Laffer and and Kevin Hassett spoke with fellow Trump administration economic team alum Larry Kudlow on Kudlow’s Fox Business program on July 15, over Sen. Joe Manchin (D-W.Va.) delaying President Joe Biden’s Build Back Better agenda until August.

The three former Trump economic advisors also believe that the United States is already in a recession and that inflation will not fall below 2 percent until Biden is out of office.

Manchin is currently opposing policies put forward by his party’s leadership at a time when fuel prices have skyrocketed and inflation is at a record-high.

The senator from West Virginia has for a month stalled massive tax hikes and “climate change” subsidies being put forward by the Democrats in Congress, saying he would not support a Senate compromise bill after the package passed in the House, until July’s inflation numbers were released next month on Aug. 10.

“I see the stock market breathing a sigh of relief, over Joe Manchin, that there won’t be any more tax hikes, that whole reconciliation bill is dead in the water,” Kudlow said.

“We’re not going to get a trillion dollars of spending, a trillion dollars of taxes on successful individuals, small businesses, on large corporations.”

Manchin told Senate Majority Leader Chuck Schumer (D-N.Y.) that he would only back a moderate spending bill that includes provisions on health care and premium drug subsidies, according to the WSJ.

The senator said that he would support a package that raises taxes, but wants concessions like a reduction in medication costs, the promotion of domestic energy production, a two-year extension of Obamacare subsidies, and a reduction of the budget deficit to control inflation.

“The [Federal] Reserve: are they going to raise interest [rates]? How much more, and how much damage is that going to be? And then make a decision [about] what

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