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while in these television companies support cspan2 as a public service. >> larry kudlow we be writing a book about your time the trump administration? >> i don't have anything planned at the moment. i am very busy. i am loving life. never say never, but not at the moment i doubt. >> have any jobs you have? >> guest: there's the foxbusiness show every day. i can plug it for p.m. -- 5:00 p.m. i love that that's a bulk of what i do pray also do a lot of different segments for fbn and fox news. in fact they did when this morning on fox and friends. i also do a radio show every saturday morning for three hours. the national radio show that rents here on wabc radio.

we are live stream they are also syndicated. and i also do some -- mckay write op-ed pieces constantly. some informal political consulting with my friends on policy. pretty much anyone who asks. i am a busy camper. i am a grateful camper i'm at the white house has been terrific it's a real blessing. a real blessing. >> host: this is your second stent at the white house correct? your first being? just a few years ago, 40 years ago it was a somewhat lower. i was the economics deputy of management and budget during the reagan administration. the director of omb and those days and david stockman, who remains a friend of mine. and yes, that was my first job. it was in reagan's first term.

>> larry kudlow your 2016 book connects the reagan revolution with jfk. what is that policy connection? >> it is a story that i have wanted to tell for years. it is been in the of my head. i worked with my pal who was a terrific researcher. basically in a nutshell john f. kennedy was a progrowth democrat. he was a taxcutting democrat. he was a supply-side democrat. and when he ran in 1960, he really ran as the growth guy in richard nixon kind of ran as the status quo. in those day republican party was okay with very high tax rate. eisenhower had no interest in

cuttingst the 91% tax rate they inherited from fdr's new deal. and kennedy did not explicitly run on it butpl he said i want % growth. i want low unemployment because there have been three recessions during the eisenhower years. three recessions that is a little known fact but it is true factually. and the connection to reagan some 25 years later was reagan lowered marginal tax rates also. and help read and night and more abundant in economy i would argue is i did quite a bit on our show the reagan tax cuts launched almost a three decade long prosperity. the jfk tax codes launch a decade long prosperity. but unfortunately was unwound and undermined by lbj great

society. richard nixon, gerry ford, jimmy carter, none of them understood tax cuts. none of them understood the incentive the growth effects of lower marginal tax rates. maybe we can talk about that some more. and some very smart people are still around thankfully my dearest friend and mentor and robert mondo nobel prize winner, jack kemp and others brought the supply-side. essentially the kennedy tax cuts to reagan. reagan looked at them and thought about them and ran on itthem. it was very controversial just as it wasn't jfk's day. and it works. it worked on fact reagan had two rounds of tax cuts but i was there for the first round i was involved in the campaign to promote it. >> host: in 1960 when you quote jfk is saying it will be a major aim of our tax reform program to

broaden the tax base and reconsider the rates. >> absolutely. there's some really juicy jfk quotes that could have easily applied to reagan but in fact listen, kennedy was the first guy to use the phrase a rising tide lifts all boats. that phrase was used later by jack kemp the late jack kemp who was a very dear friend and also a mentor by reagan. i used it all the time. trump used it. the trump tax cuts which were more on the tax corporate side were cut from the same cloth as the reagan and jfk tax cuts. so i was able to bridge reagan to trump on those policies.

i was too young for jfk just barely too young. i was really only 17 when i went into the reagan white house. that was a joke. and if i may, i want to go back because i am reading a book about warren g harding much maligned u.s. present in the 1920s harding has a vice president calvin coolidge and importantly his treasury secretary andrew mellon who was a great figure from pittsburgh aerial banker. they put together a huge reduction in marginal tax rates. the income tax amendment i believe is 1913 the 16th amendment voted out at 7% when

woodrow wilson left office it was over 70%. we went into a recession after world war i. those guys brought tax rates down to 25% and launched a tremendous prosperity boom in the 1920s. i am going to go one more on this. that is another of my favorite figures is ulysses s grant. he was arguably america's greatest generals are one of the greatest generals they still critique some of his formations at west point. grant as president also much maligned and my friend and colleague wrote a pretty good book as a matter fact. grantbo did two things economics things in his administration he never gets credit this liberal historians will never give him credit. they fact is grant end of the civil war income tax, ended it.

aunt grant restored the green back to gold. : : : had massive wartime inflation and high wartime taxes and grant ended both and helped launch the second industrial revolution, which is >> unsurprisingly when it a phenomenal period of events, and so just to be consistent, i'm you know, here's my guy printed cutting taxes, and biden is cutting taxes and kennedy is cutting taxes and trump and megan is cutting taxes, until his kidding texas and i was honored to serve under the last two which have been around for the others would be verified. >> will know the books, and in your work on foxbusiness etc., you talk about some economic it terms and i was hoping that we could they be have a broader discussion about how they all

work together and the tax in the growth, the bond market, the stock market and what is the interplay between all of these and here's the dissertation. >> yeah and look i think i would simply say the absolute basic key elements to the economic growth and prosperity, the me step back a moment, i am progrowth and prosperity, my whole career, that is been my raise and it seems to me that i served in government by ways of the force of ever had is the federal reserve in new york, the bank of new york and i served in market operations and i was a secretary to paul robert was a president of the new york at that time and i've had three

government assignments and it seems to me, that if you do nothing else, and government comingsh should promote the policies that would generate growth, prosperity, jobs, optimism and that is our job, and a free-market capitalist. i believe in free enterprise capitalism and i think it is the surest path to growth. when i was in the cnbc days and i have i shown there for many years, i used to open of the show every night by saying, free-market capitalism is the best path to prosperity nicety for many years and i believe that still believe that is coming back to your point in your questions, essentially, you need the lowest possible tax rates, the least possible government intervention, and think of iter is minimal relations, and you need a sound

currency which i call the king dollar is my phrase, years ago king dollar predict and if you break that, then you move to a policy regime of high tax rates, excessive government intervention regulation and the race dollar depreciated dollar, you'll find yourself with high inflation, high unemployment and, and recession have argued through the years, there are almost no exceptions to that, almost no exceptions to that. this is a controversy of point, he economic's profession nowadays, like everything else in the economy is move way for left they don't agree with that. although i will say this modern monetary theory sinking looking right now high inflation but the point that a making his unprepared argue in historical

terms, as well as economic policy terms, that those are the essential ingredients, lowest possible tax rates, minimal government and government regulation that, any sound reliable king dollar. >> is a fed and is it necessary. >> and well, i would argue the necessity part. it is trusting the gilded age jp morgan was his own fed and rescued monetary system a couple of times. [laughter] >> clearly two powerful yes right now it is and is troubling to me the most troubling part of the event to me was they've lost sight of the principal mission which is to keep the currency sound and price levels stable okay and i mean nowadays with

all this talk of woke culture and walk economics, the feds and some of his appointment appointees are talking more about climates change than price stability. in diversity and i'm not opposed to diversity lord knows it but i don't think that while the fit should manage its own human resources properly without any prejudice at all but the idea that it wants to equalize the economy, it takes this left-wing socialist view we should all be equal at the finish line when in fact in a free society like oreos, only one is equal opportunity at the starting line printed in the finish line, we will exercise our god-given talents in many different ways k

that is way too much or something like equity and of course climate change which another climate denier, i'm just saying that we do not have a climate emergency or existential climate risk and actually even the un report socialist in this become a political obsession almost a religion i think that the fed completely utterly missed the boat on this inflation problem that we are experiencing today that last one is really unfathomable. >> one of the other issues this brought up in this genre is income inequality and is not a concern and should we be concerned about person x makes ten times as much as person - >> no we should not again, i think the idea here for me is we should by law, have equality of

opportunity at the starting line. an absolutely by law but we cannot guarantee equality of results and we cannot mean even in communist countries in the old soviet union, i growth during the cold war and prettily in the reagan years when fought soviet communism in the only equality they had the soviet union it was equality of poverty and then the guy who ran the place of they were the rich guys, there was no widespread prosperity ever and that is true for all socialist communist countries it seems to me is a no, we should not strive to and to something called inequality, we should strive progrowth and

prosperity and we should maximize opportunities, when i have done limited opportunities in this way i argue, the government cannot manage the economy the government cannot manage the price system and the government cannot manage the markets predict and you have literally thousands and millions of people operating in a free economy and with the economy to be for you them to all have their own personal freedom that is a job so-called private sector that's why i say, free-market economics is the best path to prosperity and free-market capitalism is the best known individual freedoms inside ofe the economy and freedom to fail and freedom to

succeed one of the great aspects of america, and is still true to this day, you have an entrepreneurial story where people have an idea night scratch also money to finance it and it may not work and it may fail to me feel several times and you may go bankrupt but at some point you make it right then become a massive success, a massive success as was so brilliant about the gilded age from the industrial revolution and the second industrial revolution, the information revolution in her lifetime and the stuff that we routinely use today cannot exist when i was a prep school or college renal starting out and all that stuff, give a spare mimeograph machine in the truck remember that,. [laughter] all of that is gone okay we

hardly have that anymore and you're running the show with the iphone and i love it and even an old guy like me, i figured out that most of the stuff i how to use it but my point is, you have kids dropping out of college and working in garages and try to put things together and they fail fail and they succeeded have this big what is the american story behind that story, is freedom, it's freedom and again if we lose that, we will lose everything is always been a lifetime trying to promote freedom and frankly in the economic sector where i know something about a frankly, all throughout the country. there's a freedom of speech of big debate out of misinformation and government and this stuff drives me crazy. i will call my friend but i had dealings with jan musk when i was and what else pony started

to come with he calls himself a free speech absolutes and a absolutists as of the like that and events, freedom l of religin and speech and among free economy, free economy that will out produce every state run centrally planned economy i will sit here and ron pro, bowers, sit here all day and tomorrow, and will show you these examples of whys free economy outperfors the state economy. >> before we get too far from jfk to jfk in the right revolution fact about the three sessions and 50s kind of surprised me and what happened is a government policy or the waxing and waning. >> supply demand. >> there are a lot of factors out there in world war ii and a lot of factors after the korean war but i would just say that principally, 91 percent tax rate at a very high taxes that which

were very onerous andou now, soe critics of this view will say high taxes big blue falls and you had some very famous loopholes, from hollywood studio mr. like that. but most people pursuing entrepreneurs how to pay high income taxes the more they earn, the more punitive the tax rate wasn't capitol gains taxes were very high in corporate taxes are high so the economy was smothered so prominent during the harding t coolidge millan tx cuts for example writing the u.s. tax cuts and those were around, so is a very tightly controlled economy at a very government running economy, highlyov regulated economy.

the federal reserve, properly thinking, properly kept the dollar stable so inflation you had episodes of inflation basically, we were under the old dollar gold exchange system in the federal reserve principally under him who did a pretty good job on that anytime the feds tried to tighten the economy had no other outlets have because again, some highly controlled white high taxes and regulations of those were really important issues and hike as many wonderfulas qualities, generalid how president eisenhower economics was not one of them, not one of them. as long story that his top advisor was alfred burns, onehif them and burns advised nixon.

push the ball down the road during the reagan years and burns is the investor to germany and reagan had a very good investor in hand i became very friendly and i thought of him as a mentor havee mine. in the creed that i had a point about lowered tax ratesnt and he opposed it. [laughter] throughout all those years, eisenhower nixon but he saw them working reagan years and anyway, there were three recessions under ike is what gave kennedy a step up in the election, he bring on nixon you know didn't really deal with veryth much on economic policy domestic policies and i remember, nixon sunil by the way is very personal friend of mine, his daughter and son-in-law, very good friends ofgh ours. mid next send inabilities and i

was out of office back on wall street and it is old office down one federal plaza downtown new york in those days had his other law they bring in various policy people before president nixon would go on foreign trips. i had at least one visit maybe two, by the way is very charming, affect i had written, numerous and wall street journal criticizing nixon's economics and presidential you did everything wrong everything wrong, he took the dollar off and we had o booming inflation,s of the first time i met him he comes a man he looked at me and he said you don't think much of my economics do you mr. kudlow. [laughter] [laughter] and i said, no sir, with respect

i don't. [laughter] [laughter] it was a very cool moments to head of the said, had i had served in reagan is but nixon acknowledged in his book later that reagan tax cuts and he acknowledged that because he was from intellectually, honest. >> is a collection you're calling the came out i in 2018, and this is on election day, 2016, november 8, 2016: if was a great deals is spot on, hacking and interest of i amerin workers, that is correct it, large-scale tariffs, or eight terrible idea. >> yes and believe it or not i still cover that is still my mantra. so this is a good story. president trump was much more attuned to tax and i was more

than i am and before i went into office i went in and became his nec director in march 2018. he had it just put through steel and aluminum tariffs had i do not agree in fact our offer and i think steve moore have it on that but anyway, we run enough that he's criticizing the steel. and president trump knew all about it he read it when he was calling me secretly to come to be any seat director and subject came up once or twice but we agreed to disagree. it was interesting because i'm not a fan of tariffs and houseware international taxes, they taxed work in production

much as domestic tax rates. i regard myself as a free trader but i'm going to make two qualifications on this. one is, you do have to think about the issue of reciprocity, what is the other side doing to you and trade. this is an important point that trump made and now he and i sort of interesting, the only two op-ed pieces that i wrote when i was in his w administration, jut to the both preceded is g7 meetings and i was the sherpa of g7 and in those i quoted a conversation and he and i and where he believed that he was a free trader and under ideal circumstances, that is to say no

tariffs, no nontariff barriers and no subsidies. that is the world's that trump yearned for, those were his goals in a classic free trade goals coming of tariffs, zero tariffs, zero nontariff barriers and zero subsidies. undergrowth that included that i think washington post before g7 second one was in the wall street journal before g7 it i remembered is g7 we had in canada, which i think was 2018, north of québec, we were in a bilateral with justin trudeau and president trump and you know from your senior advisors on

both sides are talking about trades is tough was threatened to impose a tariffs on candidate which would've devastated canada and trump said, you know, justin, you know that if we had no tariffs andnd no known terror barriers and no subsidies, we will all be great shape as free traders. and trump looks to me and i may be sitting one or two or three down from him, and he said you've said that your whole career of 30 years haven't you and of course he knew these we talked about it but, he expressed publicly that later and so a lot of free trades and people don't understand that and i just said bob was his trade representative, dear friend of mine a brilliant guy have i was just on my tv show and we were

in atlanta for the first policy conference and we talked about this and people forget we had u.s. mca which is not the perfect trade been act good free trade deal and we had free trade deals with japan brazilra south korea, all three were both sides, and the spirit of reciprocity can know, gave up some protections and now, the biggest one was china and most controversial one was china. cliff had big tariffs on china and we still have the belief pretty and city 5 billion. and so far biden has not taken them off and i hope he does not and i would argue and is present trump argue to, and dwight

eisenhower argued it, we needed those tabss to bring china to te table. if you will, to get their attention. i give you another view i agree then an angry no one wanted trump's greatest achievements as president, was that he rang the bell on the china event and he made it very clear to people in this country and around the world, but china is an adversary, they are not our friends, their economic adversary, their foreign policy adversary and so is rather aqueous tough is tariffs were tough but we did bring them to the table and don't have a been able to do that, known before and we a bunch of concessions

from them and is on the china was hardam and it going in beijing and washington and beijing and washington. this was phase one deal in the phase one free trade deal was rooted in tariff and certain inconsistency there i understand the appointment zhang the one was necessary to get to the other details polio pretty good all right, is all perfect but hudson also knows in progress intellectualgr property theft they've set up institutional mechanisms it to reduce it they brought a lot of our commodities, not perhaps as much as we want but that ought and we ought to be selling them much more and transfer technology,

silver can progress but on the whole phase one was a great success of trump was elected, we would have moved onto phase two. but i am a free trader and was trump the free trader he would not think away that i would say but again ina a perfect world, e would agree with me, not tabs on a perfect world, he like to that that was a great idea. >> good afternoon and welcome to book tv in-depth program at and i guess this month is larry kudlow and he is the author of "american abundance" which came out in 1997, and "jfk and the reagan revolution." , it came out in 2016, handling the collection of the columns from creators syndicate is came out and 2018 and that is called insanity, once more and regular viewers the book tv commuter this is another calling program, one author, his or her body of

work, and your calls and text messages new tweets etc. and here is how you can get all of us if yout have a question comg from mr. larry kudlow (202)748-8200, for those of you and several time zones, 2027 right 8201, for those of you in the mountain and pacific time zone, as you want to send a text message, text messages only (202)748-8903, is a number for you and please submit your first name is that if you wedding were also scrolling through our social media addresses, just remember apple tv, is a handle there so will begin taking those in just ail few minutes and lary kudlow was your reaction from a lot of yourng longtime republicn friends when you joined the company. >> housep pretty good, very positive and people encouraged me to do it for a variety of

reasons i was not looking for it and i was again pretty busy and tv in a different network and radio show and lots of speeches and i had worked with kennett trump and we had worked on thecu tax cut plan in particular for quite a lot occasionally i was a spokesperson for economics and he evoked me in my name sometimes in some of the earlier debates. [laughter] much to my astonishment of course i had known him and new york city for many many years and he been a guest on my tv show in my radio show i knew his family and i was like him that it was a major force i was looking for a job, but i don't know, second cabal tell you how

sorted. in march of 2018, how this got started, we were up here in connecticut for a weekend and i was coming back from indoor tennis and the phone rings in the car as the president and eminem spoken to them and cinnamon in 2017 and kept in touch and i've been in the oval with him a bunch of times and anyway he called me and i pulled over and i had pretty good reception and keep this conversation going and he started talk about one thing or another and he mentioned the national economic council but nothing terribly specific and it was just a good - i just not he was to yell at me because he had written this paste.

as a sunday afternoon i say we comingu back and he said tomorrw night. .. night, i'm home in new york and he did call. that was when we had a more earnest, direct conversation about the national economic council. he was about to make a change and we talked about a bunch of about as much policies, and very good conversations. i enjoyed it. what he think about this? what he think about that? what should i do here?

what should i do there? as you know i'm not bashful about my views. we are having this conversation. no one knows you're having this conversation. call you tomorrow night we'll talk some more. so the next night. >> will return to court a conversation with larry kudlow after live address from president biden on the recent mass shootings and gun legislation. quick to have the cell phone in my back pocket just in case as we enter those hallowed grounds without rows and rows of crosses among the rows of headstones and other emblems of belief in