i want to bring in university of maryland economist peter morici. outlook for gdp growth this year and next year? >> i think we'll finish the year five to 7% for the year and for next year, maybe four. these supply chain problems aren't going to go away. we're really in a supply constrained economy. all the spending is making it worse, making trade-off between inflation and growth for the fed. more difficult than it needs to be. lead-in before you said something about, do we just ride it out? that is the kind of thing they did in the '70s. they would tighten the bit, tight en, ride. arthur burns approach, we ended up with 12% inflation. we're at the point we have to take our medicine. we have to stop the bond purchases, and start to raise interest rates and take the medicine. charles: intriguing that you would say that because i saw this paper from bridgewater over the weekend suggesting don't push back, fed, because you don't really have the tools and you are going to kill an economy already slowing down but you're saying, peter, maybe that is the

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joining me from the university of maryland, economist, peter morici. ter, taxing unrealized gains seems to be antithesis what a government should be doing, what made this nation great in the first place, encouraging investment. >> absolutely. look at wealth of bill fairs in america, 4.5 trillion. joe biden's ambitions are 5.5 trillion. he simply can't get all the money he wants this way. this tax is very impractical to apply. that ground has been covered. if he starts applying this kind of tax to billionaires, two or three years when they want to make all the programs permanent because they don't have enough money they're coming after ordinary people. ordinary people, someone own as 500,000-dollar house, goes up 20% in the year, that is the way the market is going, all of sudden worth 600,000. does that mean the federal government asking grandma living in the house for check of 25$30,000? they have to sell the house to raise money. charles: to your point they admit, nancy pelosi says this will raise 200 billion in the grand scheme of things. that is not

peter morici joins us, that flies in the face of democrat plans for vast expansion of government. left of center country or right of center country? >> it depends what you're coming off. right now we are left of center country because there is some faith in the government's ability to deal with the pandemic. the vaccine rollout was largely successful in most of the country. right now people are looking for solutions. lives have been disrupted and so forth. people right now see benefits coming to them, 60% of the country in 2020 paid no income tax. stuart: i left of center country? excuse me? are we left of center? >> right now we are. after all this inflation and bills come due and so forth we will move back to the right. america is a moderate police. the two political parties are not and pull them in each direction. in the end we will gravitate to right of center but at the moment there is some receptivity to doing more with the government. stuart: talk about coin base which says the government should create a regulatory agency for cryptos. if we don't it will put other countries