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Heartland Institute Senior Fellow Ross Kaminsky was a guest last night on the always smart and informative Kudlow Report on CNBC. Kudlow asked him on the program to talk about his latest piece in the American Spectator titled Stocks Support Sequester.
Ross is right, judging from the Dow Jones Industrial Average rallying to a near all-time high this week.
“It’s not so much that i think the sequester is a huge positive, but it’s just so much better than anything Obama and the Democrats would replace it with,” Ross said, adding that the sequester cuts are really “nothing.”
“Professional investors realize this is not stepping on the brake of government spending,” Ross said. “It’s just barely letting up on the accelerator.”
Ross was challenged by a liberal on the program to explain how the stock market could be doing so well despite the tax hike of 2013. Don’t free-market champions such as Ross and Kudlow say tax hikes always hurt the eocnomy and reduce investment?
Ross handles the question well, answering: “The market’s doing OK, but not nearly as well as it woudl be doing if we had a president who understood economics and free markets.”
Watch the whole segment below: