well new survey out this week by the
national association for business
economics paints a picture of a growing
economy and an economy that is growing
at the fastest pace
since 1984. the economists predict the
economy to grow by
6.5 this year that would be a larger
increase
than the 4.8 percent predicted earlier
joining us now to discuss liz peake
fox news contributor foxnews.com
columnist
and david bonson managing partner of the
bonson
group good to see you both uh david why
should anybody be surprised
that you lock down the economy for a
year you get rid of the lockdowns with
the vaccine and
and it grows at record pace i mean is it
are you surprised at the surprise
uh i have become surprised at nothing
david because this to me is so logical
and so obvious and yet it still seems to
uh create this sort of
uh total shock and awe the reality is
even the six and a half percent
is going to end up being low i'm more on
on larry kudlow's side here i think you
could end up seeing an eight or nine
real gdp print so that's net of
inflation
on the year the only thing i want to say
is that what matters
is next year we already know last year
was an outlier of the
contraction this year is an outlier of
the expansion the recovery
where do we go next year that's a much
bigger and liz we know that what's going
to happen over the next year is there
going to be more roadblocks
assembled against growth i mean you're
going to have regulatory roadblocks
you're going to have
tax roadblocks might we end up with a
situation like we had in 2010 11 and 12
when
the the regulatory and tax increases of
the obama administration led to one of
the slowest recoveries in history
uh i think it's too early to assume that
uh because i think the biden
administration's
agenda has stalled here but i think
there is a risk
yes of regulation we're already seeing
that david we're also
there's a huge risk of inflation and
that's going to slow down
uh spending also we have in addition to
the fiscal stimulus
that's already in place there's two
trillion dollars that bind wants to push
through
and we've had four and a half trillion
dollars from the fed we have almost
10 trillion dollars in spending to
promote
this snapback which as david and you
both have said was pretty much
expected that money is going to go
somewhere i think it's extremely
alarming that these numbers are so huge
uh and frankly i don't think the experts
have a clue
what's coming next and david uh these
grand plans
uh whether it's a wealth tax or janet
yellen's plans by the way the global
minimum tax seems to have fallen on deaf
ears
all over the world hasn't it
yes for good reason the notion that the
united states should be telling other
countries
what their tax rate should be or that
they should be telling us what ours
should be
is offensive and it's the kind of thing
by the way that that
gave us trump this sort of globalistic
mindset
i think is really dangerous and it's an
attitude that a lot of americans have
rejected
i agree with almost everything liz said
i do want to point out though is that we
can't double count
the fed money being added and the
government spending
several trillion of that is the same
money so i don't think it's really
10 trillion but the point is exactly
what you said there's all the stimulus
out there
so that adds to some of this activity
but the biggest thing to me creating
economic activity
is that people were shut down for so
long right so there's pent
up demand they want to be free they want
to live their lives
i heard you on the last segment quoting
milton friedman they want to be free to
choose they want to be free to choose
exactly but liz
the point is a lot of businesses now
simply can't make the numbers work with
current conditions they can't get the
workers
they're spending more on on goods if
particularly if they're in the
restaurant business
it's it's a real problem getting back on
their feet you only got 20 seconds go
ahead
well i wish these economists these
business economists had come up with
these
numbers earlier david because one of the
big problems is
businesses were so pessimistic they let
their inventories fall to incredibly low
levels
it's the supply chain problems that you
mentioned earlier
that's the it's the harbin that the uh
outgrowth of that
and it's really gumming up the works and
adding to inflation yep and that exactly
i was going to say and that's what leads
to inflation too much money chasing too
few goods david liz
good to see you both thank you very much
for coming in appreciate it