Flashback to 2007: Possible Senate challenger Kudlow accused Dodd of "harping about income inequality" during "Bush/Bernanke boom"
Blog ››› ››› MARCIA KUNTZ
Amid reports that MSNBC's Larry Kudlow is considering a run against Connecticut Senator Chris Dodd, Media Matters for America decided to check out what Kudlow has said about Dodd in the past. We came across this column from 2007, which is interesting for a couple of reasons: Describing a hearing in which Fed Chairman Ben Bernanke testified about the then-strong economy, Kudlow accuses Dodd of "harping about income inequality and wage stagnation, trying to change the subject from the excellent economic news and pave the way for a tax hike on the top, most successful American earners."
So, Fed Chairman Ben Bernanke, testifying before Congress, officially threw in with Goldilocks - moderate growth, declining inflation.
The stock market loved it, up 100 points. Stocks soared in all sectors and around the world.
Strong business, rising exports to the rest of the world, healthy consumers, low unemployment, wages on their best run in years - these were Bernanke's key bullet points.
Senate Democrats like Christopher Dodd and Chuck Schumer kept harping about income inequality and wage stagnation, trying to change the subject from the excellent economic news and pave the way for a tax hike on the top, most successful American earners. But wages are booming. And the rest of the inequality story is so much statistical illusion and faux arithmetic. (Just ask Washington economics scholar Alan Reynolds).