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October 9th, 2013
11:40 PM ET

Robert Reich and Larry Kudlow debate the government shutdown: "You're absolutely wrong on this"

With the government shutdown handicapping that nation, and the debt ceiling deadline rapidly approaching, on Wednesday evening "Piers Morgan Live" asked Robert Reich and Larry Kudlow to offer their vast insight and perspective.

"On average, the USA takes in, the government, takes in about $240 billion. That's a monthly average. And the interest expense we pay on our debt is about 35 billion. 240 versus 35, it's not even close," detailed the conservative economist and host of CNBC's "The Kudlow Report." "That's going to be the first priority, is to keep our full faith in credit going, like any sensible country would. What President Obama's done here, I think is very duplicitous. He's been attacking the economy, and saying we're all going to go down the tubes for his own political gain. There is no danger of a threat to our treasuries. Really, that's just an awful trumped up charge."

First qualifying his relationship with Kudlow, Reich then quickly proceeded to discount his sentiments:

"If I may disagree with my good friend Larry Kudlow," began the political economist and commentator. "You're absolutely wrong on this, Larry. First of all, there is a danger of default and the markets are beginning to reflect that danger. Interest rates are beginning to spike. Not only that, but we have seen the stock market, since mid-September, when the Republicans started to talk about a shutdown, the stock market also has lost ground."

Watch the clip to here Kudlow's response, which included the charge that "Robert is trying to scare people."

And, be certain to download and watch the trailer and clips for Reich's new film "Inequality for All," a documentary that focuses on "income inequality, public policy, and economics."

For the next edition of "Piers Morgan Live," watch CNN every night at 9.
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Filed under: The Big Story
soundoff (8 Responses)
  1. 1okcupcake

    Robert Reich is just trying to scare people. Just like Barry scared all the one issue voters into voting for him. Both are just pathetic. Robert Reich saying the Republicans just want to save face? Pathetic comments x2. What can you expect from one of the cronies of Jimmy Carter who will go down in history to be the 2nd worst president in history. And Montel Williams doing the sympathetic thing to want a blank check for "anything the military wants". Have your forgotten $80 toilet seats? Why don't your take some of the ill gotten gains from your high interest loan scam and donate it to the military if you want to just throw money away? No one is keeping you from doing that.

    October 10, 2013 at 12:47 am | Report abuse | Reply
    • Mark Jackson

      Larry has been pushing a failed Ideology all of his life. Because of that he says dumb things to try to justify things that are not true. He has gotten to the point were he belongs on Fox. And that is even considering that CNBC has lost much if not all of it's legitimacy.

      October 12, 2013 at 9:13 pm | Report abuse | Reply
  2. max

    Montel tell obama to stop the war and start dealing and get over his praid. Obama left four men to die when they begged for help. By the way it was aids that broke us.

    October 10, 2013 at 1:06 am | Report abuse | Reply
  3. Carl Steefel

    I don't know where you got this Kudlow guy, but to say a possible default of the American government is no threat to our economy is patent nonsense. There are already significant effects from the shutdown, with government research and services grinding to a halt.

    And I don't appreciate Piers Morgan's negative comments either last night. I don't know how they do it in England, but I doubt very much that a complete shutdown of the government is threatened every time there is a disagreement on some part of the budget. The Affordable Health Care act was passed some years ago, since that seems to have been the place to have scuttled in, rather than by shoving a monkey wrench into the workings of government...

    October 10, 2013 at 1:52 am | Report abuse | Reply
  4. Mike Jones

    Obama has defeated the GOP Taliban who have now retreated to their tea house to get dry towels for their wet heads.

    October 10, 2013 at 10:26 pm | Report abuse | Reply
  5. rykm50

    ya know what kudlow? That's what elections are for. ya know what else kudlow? you lost. ya know what else kiudlow? you want to get rid of this and get rid of that, win an election!!!! and stop commiting treason.

    October 11, 2013 at 11:54 pm | Report abuse | Reply
  6. Mark Jackson

    Larry has been pushing a failed Ideology all of his life. Because of that he says dumb things to try to justify things that are not true. He has gotten to the point were he belongs on Fox. And that is even considering that CNBC has lost much if not all of it's legitimacy.

    October 12, 2013 at 9:13 pm | Report abuse | Reply
  7. Buster Shaw

    We already destroying confidence for foreign investors in the U.S.
    It's like were making a damn campaign AGAINST the U.S. Dollar and it's standing as the reserve currency in the global economy.
    I think Kudlow is overlooking serious economic implications when he tells us to hit the deadline over the affordable care act.

    October 15, 2013 at 7:05 pm | Report abuse | Reply

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