Kudlow discusses economy, politics

Class of 1969 alumnus Larry Kudlow spoke in front of a moderately sized crowd at the Palestra about the current political and economic situation in America on Oct. 9. The premier political economist and co-host of the popular CNBC nightly broadcast “Kudlow & Cramer” mostly praised the values of economic liberty and freedom in America. “The key is economic freedom,” Kudlow said. “And that’s what makes the United States so great.” Kudlow mentioned that in the U.S., the concept of liberty is everywhere. Freedoms to work, invest, produce and keep private property are the only few of other countless factors that provide liberty among citizens. “I equate liberty with success,” Kudlow said. Besides frequent appearances on the media, Kudlow was associate director of economics and planning in the Office of Management and Budget during the Reagan administration and currently CEO of his own company, Kudlow & Co., Ltd, an economic and investment research firm headquartered in New York City.”Kudlow is one of the four prominent political economists in the world,” John McKinley, a Class of 1969 alumnus, classmate and a tennis teammate of Kudlow when they were at UR, said during the opening. “And he was also a chief architect of Reagan economics.”During the speech, Kudlow illustrated his economic principles and how the U.S. should manage these principles in order to generate and increase more rich people in the society.”I believe in the economic power of consumer choices, market competition and low tax rates,” Kudlow said. “I want to make the non-rich, rich.”According to Kudlow, because the top 20 percent of American citizens pay 82 percent of the income tax, rich people are the source and the best friends of government. Furthermore, he said that the tax cuts and the low interest rates to borrowers will give people more incentives to invest, and as a result, there will be more companies in the market and generates market competition. “Don’t punish success, make it easy,” Kudlow said.According to Kudlow, any institutions that threaten the existence of people’s freedom and liberty must not be established.”I don’t believe in socialism, totalism, and radical fundamentalism,” Kudlow said. “‘Isms’ don’t work, but freedom and liberty do.”Kudlow demonstrated that the American economy contains the vital elements of economic freedom and liberty. Kudlow also said that with globalization, the world is taking steps to transform from industry-based to technology-based economies. “American economy has the long-term potential to grow,” Kudlow said. “And the best way to keep economy strong is to keep economy strong.”At the end of the speech, Kudlow received a standing ovation to congratulate his 35th reunion at the UR and to honor his dedicated work towards the U.S. economy. “I thought he was well spoken,” senior Bryan Pennington said. “But I felt that some people who disagreed with his opinions and those students who asked questions were not answered.” Aoyama can reached atyaoyama@campustimes.org.