Even though the Director of the National Economic Council Larry Kudlow spared the details, Varney said, it’s evident the cuts would be for the middle class.
“That looks like the big plank in Mr. Trump’s reelection campaign,” Varney said.
So there’s some idea as to which choice Americans have to make come 2020, Varney said – tax cuts and economic prosperity vs. tax hikes and recession.
Varney said after the president cut taxes and red tape, growth and prosperity “really got rolling.” But every Democrat in the presidential race now backs up “higher taxes to reduce inequality, and expensive regulations to combat climate change,” he added.
“If any of the current crop of Democrat candidates gets in, taxes go up, draconian regulations come back and the economy goes down,” he said.
So the choice is capitalism vs socialism, Varney said. Private enterprise vs. “all government, all the time.”
Varney said the British will face a similar choice tomorrow upon their own election.
Boris Johnson released a political ad, depicting him driving a tractor through a wall and sporting the phrase “Get Brexit Done.”
Johnson is the capitalist in the race, Jeremy Corbyn is the socialist. According to Varney, Corbyn plans to “nationalize whole industries, give away a lot of stuff and raise taxes on everybody.”
“At this point, it looks like Boris wins,” he said. “Even over there, the perils of socialism are well known.”
Varney said he hopes this is an indicator coming into the American election year.