LARRY KUDLOW: Wall Street may be waiting for President Joe Biden’s big announcement on infrastructure. President Biden expected to unveil his plans, this alleged infrastructure plan I should say, which frankly is going to be less about traditional infrastructure and a lot more about the Green New Deal and a massive, across-the-board, tax hike. Now, people love infrastructure. But they are not going to love this plan. By the way, also buried in the plan is going to be something called social infrastructure, which will be a massive expansion of the welfare state with no work incentives.
And today we learned a whole lot, a whole bunch of left senators, way left senators, pushing continued automatic extensions of both direct stimulus checks and unemployment insurance. You know, more unemployment insurance gets you more unemployment. We’re looking at a universal basic income plan before this is all said and done. And, the chances of a bipartisan approach are very low. Democratic leaders have already said they’re going to push for 51 vote reconciliation. So, between the 3-4 trillion dollar price tag, and end to fossil fuels, the biggest tax hike since 1942, along with a gigantic expansion of the welfare state, this is really a pivotal transformational bill.