Business

Kudlow: Dem push on Green New Deal, ‘Medicare for all’ would shrink economy by 15 percent

by Niv Elis - 04/11/19 10:42 AM ET

President Trump’s top White House economic adviser said Thursday that “Medicare for all,” the Green New Deal and other Democratic proposals would shave 15 percent off the economy over a decade.

“I believe it would be catastrophic,” Larry Kudlow, director of the National Economic Council, said at The Hill’s newsmakers event.

“All of that would decimate the economy. I think we would lose 15 percent of GDP,” he said, citing an internal White House analysis. The details of the analysis have not been made public.

{mosads}The White House has taken aim at sweeping proposals being offered by Democrats who are running for president in 2020. Trump has indicated he thinks the issues are political winners for the GOP.

“We don’t want to have them knock it out before we run against it, so let’s take it easy,” he said of the Green New Deal at a recent speech.

The Green New Deal is intended to address climate change by moving the U.S. toward renewable energy. By making investments in renewable energy, it would also be intended to create new jobs.

On Wednesday, Sen. Bernie Sanders (I-Vt.) rolled out an updated version of his Medicare for all proposal, with the backing of four other 2020 candidates: Sens. Elizabeth Warren (D-Mass.), Kirsten Gillibrand (D-N.Y.), Cory Booker (D-N.J.) and Kamala Harris (D-Calif.). The proposal would move the United States to a single-payer health care system.

Democrats argue that their proposals would help America’s poor and middle class get reliable access to health care, increase wages and slow the effects of climate change on the economy.

GOP arguments against both proposals have focused on their cost. Republicans argue both would lead to higher taxes and or rising deficits.

The Hill’s Newsmaker Series event on tax cuts and small business was moderated by editor-in-chief Bob Cusack and sponsored by the Job Creators Network.

Tags Bernie Sanders Cory Booker Donald Trump Elizabeth Warren Green New Deal Kirsten Gillibrand Medicare for all