Kudlow says Biden wouldn’t be able to replace fossil fuels in 15 years
White House economic adviser Larry Kudlow argued in an interview broadcast on Sunday that Democratic presidential nominee Joe Biden’s plan to end fossil fuels in 15 years would not be feasible, adding that “you couldn’t do it even if you wanted to.”
“In 15 years? Renewables are less than 10 percent of our total energy. And you’re not going to remake that in 15 years,” Kudlow told radio host John Catsimatidis on WABC 770. “Pricing is not favorable. Natural gas is very cheap.”
Biden had said in the final presidential debate Thursday that he would “transition from the oil industry.”
“It’s a big statement because the oil industry pollutes significantly,” the former vice president added. “It has to be replaced by renewable energy over time.”
Biden later clarified his remarks while speaking to reporters after the debate in Nashville, adding that the transition away from fossil fuels would likely not happen until 2050.
“Eventually we’re going to have to go to oil, but we’re not getting rid of fossil fuels,” Biden told reporters. “We’re getting rid of the subsidies for fossil fuels, but we’re not getting rid of fossil fuels for a long time.”
The Biden campaign’s official climate plan calls for net-zero emissions by 2050, a process that would shift the U.S. away from fossil fuels. In his plan, he specifically calls for ending fossil fuel subsidies and barring any new oil and gas leases on public lands.
Biden has also called for significant investments in clean energy as a way to provide a necessary alternative to fossil fuels.
Kudlow also claimed in the Sunday interview that Biden’s plan to raise taxes on individuals making more than $400,000 a year, as well as an increase in corporate income taxes, would reduce the U.S. GDP by 10 percent and result in 5 million U.S. jobs lost.
“If you follow through on the other team’s plans, you will lose $2.4 trillion of GDP,” Kudlow said. “Who would raise taxes after a damaging pandemic-related contraction? That team looks like stagnation, decline and pessimism.”
“President Trump is going to have additional tax cuts,” Kudlow added. “He’s going to have middle-class tax cuts. He’s going to try to make the business tax cuts deeper and permanent. We’re going to have on-shoring. We want companies to come back to the US. And we’ll provide tax incentives to do that.”
“He [Trump] is the candidate, frankly, of growth, prosperity and optimism,” the economist argued. “That’s the largest difference between the two.”
John Catsimatidis is an investor in The Hill.