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Economy

Kudlow Says Americans Can Expect Information On Reopening Economy In ‘Next Day Or Two’

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White House Economic Adviser Larry Kudlow said on Fox Business “Varney and Co.” Tuesday that a plan for re-opening the American economy could be coming “in the next day or two.”

“The President has suggested a kind of rolling re-entry here but I don’t want to front-run his views, I don’t want to pre-announce anything this morning…It’s a question of health, it’s a question of safety and it’s a question of well-being so we can get the (middle class) back to work as soon as we safely can. I believe the country is ready to go back to work,” Kudlow told Varney.

He also acknowledged that the Chinese communist government must face consequences in  covering up the outbreak of the novel coronavirus in Wuhan, which led to the global pandemic.

“China needs to be held accountable on a number of measures,” Kudlow said. “Over a period of time they will be held accountable, no question about that. Having said that, the President is engaging with China. He’s speaking with President Xi, their relationship remains very positive so we are working with them.”

Kudlow mentioned that the administration would like to bring supply chains back to the U.S. in response to what has happened since the start of the pandemic.

“We would like to bring them home, just as a matter of policy across the board…100% expensing, whether it’s structures, plants, equipment, renovations, intellectual property, that would essentially pay the moving expenses for companies to come back to America…and by the way it would also help America to recover even more rapidly from the pandemic,” he said.

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Nation

White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis

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Gas Pipeline

The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”

“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”

“What’s inaccurate?” Doocy asked.

“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.

“I didn’t say ‘wanting.’  I said, is it being studied right now?  Is the administration studying the impact of shutting down the Line 5?”

“Yeah. Yes, we are. We are,” Jean-Pierre admitted.

 

The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.

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