Kudlow – Business News Updates https://newsdaily.business Fri, 02 Dec 2022 01:51:43 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png Kudlow - Business News Updates https://newsdaily.business 32 32 Larry Kudlow: ‘More welfare without work’ is the ‘radical Democratic battle cry’ https://newsdaily.business/2022/12/02/larry-kudlow-more-welfare-without-work-is-the-radical-democratic-battle-cry/ https://newsdaily.business/2022/12/02/larry-kudlow-more-welfare-without-work-is-the-radical-democratic-battle-cry/#respond Fri, 02 Dec 2022 01:51:43 +0000 https://newsdaily.business/2022/12/02/larry-kudlow-more-welfare-without-work-is-the-radical-democratic-battle-cry/ FOX Business host Larry Kudlow discusses the state of the economy and the Democrats’ omnibus spending bill in the lame-duck session on ‘Kudlow.’ So far this year we have official estimates for economic growth and inflation for the first three quarters or nine months of 2022. The results are very poor.   First, the economy has not grown. […]]]>


So far this year we have official estimates for economic growth and inflation for the first three quarters or nine months of 2022. The results are very poor.  

First, the economy has not grown. Through the third quarter, real GDP is essentially flat for the year. Second, the inflation rate has come in over 7%. So, a flat-line economy, with a 7%+ price increase. Those are numbers. They are factoids. That’s all there is. Now, there’s some evidence that inflation is slowing in the most recent figures, maybe to around 5% using a base rate the Federal Reserve follows.  But, then again, the Cleveland Fed has a median CPI that is still around 7%.  

As I’ve said before, the index of leading indicators is plunging, the M2 money supply growth has crashed actually from about 30% to near 0%, and the yield curve in the Treasury market between 3-month T-bills and 10-year bonds has inverted. Right? The short rates are above the long rates.

DEMOCRATS COULD ADD $500B IN NEW DEBT DURING FINAL WEEKS OF CONGRESSIONAL CONTROL

The likelihood of a recession in 2023 is very high. Now, all that might bring inflation down a recession, but it’s a very blunt and painful way to do it.  

So, we have this lame-duck Congress, which, unfortunately, may well embark on a lame-duck spending spree that, if enacted, will reverse what little inflation progress has been made.  As the Wall Street Journal editorializes today, federal spending has increased by roughly $5 trillion in the last two Biden years. That’s what put the pressure on the Federal Reserve to go on a money-printing binge.  The recent fiscal and monetary restraint may be badly broken. That’s my worry.

In their last gasp, House Democratic liberals are dealing for at least $150 billion in new spending for a so-called giant omnibus bill and that would wreak havoc on proper budget processes and end what little fiscal restraint currently exists.  It could well be more, including a $1.6 trillion child tax credit expansion which would provide parents with kids well over $100 billion a year with no work requirements. That’s right. More welfare without work, which has become the radical Democratic battle cry.  

Then there’s more COVID money and Ukrainian aid and maybe some tax extenders. All in, according to the WSJ editorial, non-defense spending would rise another 10% on top of last year’s 7% and defense spending would increase nearly 10% on top of last year’s 6%.  

This is not restraint. This will not restrain inflation. This will not provide any tax and regulatory supply-side incentives by reducing the burden of centrally planned big government. The rumor is the Republicans in the Senate are going to go along with this spending spree. Rumor is the GOP Senate leadership will make a deal on the so-called omnibus spending bill. This is at the heart of the inflationary fiscal breakdown that we have experienced in recent years.  

Four people will gather in a room and make a deal covering a couple thousand pages, maybe a couple of trillion dollars of new spending and no one will know what’s really in that package until it’s voted on and printed up and even then, it will take months, if not years, to know what’s there.  There will never be any true oversight or monitoring of how the taxpayer’s money is being squandered by a small, selfish, cadre of leaders who have very little interest for the public well-being and economic prosperity.  

There is no budget resolution for the next year. There are no committee meetings for the 12 appropriation bills. No expert witnesses to debate the merits of the policies or the spending levels.  In other words, no regular order. And the Democrats, with Republican cooperation, are going to try to get this done in the lame-duck session before the public can wake up to the fiscal damage and the potential for yet more inflation, more sinking real wages, higher grocery and energy bills and a deeper recession. 

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Inflation rising (istock / iStock)

This is no way to conduct economic policy.  It’s a $6 trillion budget and it just keeps growing and it’s time somebody — somebody, presumably Republicans — put an end to this fiscal insanity and return to proper policy and budget-oriented processes. I mean, it’s just a big problem, folks and I want to warn you about that.  Hats off to the Journal’s editorial, it’s something we’ve talked a lot about on this show and that’s my riff. 

This article is adapted from Larry Kudlow’s opening commentary on the December 1, 2022, edition of “Kudlow.” 



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2022-12-01 23:49:27

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Larry Kudlow: America’s economy is in jeopardy https://newsdaily.business/2022/11/23/larry-kudlow-americas-economy-is-in-jeopardy/ https://newsdaily.business/2022/11/23/larry-kudlow-americas-economy-is-in-jeopardy/#respond Wed, 23 Nov 2022 01:11:44 +0000 https://newsdaily.business/2022/11/23/larry-kudlow-americas-economy-is-in-jeopardy/ FOX Business host Larry Kudlow weighs in on the state of the U.S. economy ahead of Thanksgiving on ‘Kudlow.’  So, I know we’re coming into Thanksgiving — and it’s truly one of my favorite holidays — and Thanksgiving is the quintessential American history story celebrating the first harvest of our earliest settlers. It’s a very […]]]>


So, I know we’re coming into Thanksgiving — and it’s truly one of my favorite holidays — and Thanksgiving is the quintessential American history story celebrating the first harvest of our earliest settlers. It’s a very inspiring and optimistic tale. One of the reasons I love it, is that history is so optimistic, and I am an optimistic person who always believes in the greatest of the soul of the founding of the United States of America.  

But I have to depart from this optimistic script for just a little bit. I’m talking about the economy. I got to tell you, I see a number of important indicators that are all pointing to recession. I don’t like this, but that’s what I’m looking at. We may already be in a recession, but next year looks like an even deeper downturn.  

Now, there’s a way out of this mess, and I’m going to get to that in a few moments, but first some straightforward empirical factoids. I begin with a huge drop in the conference board’s leading economic indicator. 

This is a very old-fashioned series, but it is a highly accurate forecasting tool. It’s got interest rate spreads, consumer expectations, manufacturing, stock prices, building permits for new homes and other measures. There are 10 in all and, as you can see by the chart, the rate of change is absolutely plunging.  

GROCERY INFLATION PUSHES AMERICANS TO RESTAURANTS ON THANKSGIVING

Second, maybe a more controversial indicator, called M2 — which is an inadequate measure of the nation’s money supply, but still something to pay attention to. It was pioneered by the great Nobel Prize winner Milton Friedman. This is a monetary interpretation of the economy and it tells us about future inflation and growth.  

You can see by this chart that, for 20 years, M2 was basically growing modestly, that had something to do with a 2% average inflation. Not everything, but something to do with low inflation. Then we come to the craziness of the last two years, with a massive increase in federal spending that led to an equally massive money printing by the Federal Reserve. 

This was the single biggest mistake by Joe Biden. It moved the inflation rate up from about 1% to nearly 10%, because of that, real wages have fallen 18 consecutive months. That is the soft underbelly of the Biden economy and now, as the Fed makes its belated correction for its own prior mistakes, the American economy is in great jeopardy.  

This all could’ve been avoided, but it wasn’t avoided and now here we are, with the threat of a difficult downturn next year. One that probably began this year, but Milton Friedman argued that inflation is too much money chasing too few goods — and, oversimplifying a bit, Uncle Sam created the money and then overregulation, tax increases and of course the war against fossil fuel production all created tall barriers to the production of goods. 

Yes, we had a COVID supply-chain hangover, yes, there’s Vladimir Putin invading Ukraine, but the bulk of this economic mess is homegrown based on the policies of big government socialism and central planning on a grand scale. Besides the leading indicators and the money supply, just to add one more: The bond market has turned upside-down on its head with short-term rates now much higher than long-term rates.  

A very useful recession forecasting model that was developed years ago at the New York Fed and has a very high degree of accuracy. Basically, when the three-month T- bill exceeds the yield on the 10-year Treasury bond, the probability of recession one year hence goes higher and higher. Right now, the three-month bill is now 4.30, and the 10-year is 3.80. This is a very alarming sign.    

Now, there are a lot of other indicators I could point to: big housing downturn, a major slowdown in manufacturing, I don’t want to get any deeper in the weeds than I have to. No model is perfect, but I will suggest that keeping an eye on the leading economic indicators and M2 and the Treasury yield curve gives everyone a pretty decent sense of where we’re headed. So, inflation will come down slowly, but the recession may be very difficult.  

Again, ever the optimist we should be able to do a lot better in the future regarding economic policies than we have done in the last two years. You’ve heard this before from me, but first, we should immediately open the spigots to produce more oil and gas, allow permitting, pipelining, refining. All that would reduce prices, promote jobs and economic growth.  

John Kerry’s COP-27 Green New Deal, socialist, redistribution, climate reparation scheme — he’s trying to bribe poor countries not to use oil and gas is just dumber than dumb. Joe Biden closing down coal plants all across America — dumber than dumb. New EPA regs and taxes on clean-burning natural gas is even dumber than dumb, if such a dumbness is possible.  

Then, we need to re-impose workfare and work requirements on able-bodied people receiving government assistance. Okay? This succeeded 25 years ago in reducing welfare spending and ultimately lead to a balanced budget.  

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Also, we need to make Donald Trump’s supply-side business tax cuts permanent. Then we need to rein in the Biden regulatory assault on all businesses — a policy that has literally strangled the economy.  

At the end of the day, we’ve had less money chasing more goods under those policies. Less money chasing more goods. Inflation would crash, the economy would soar. We’ve done this in the past and we can do it in the future. It’s time to act like stewards of economic prosperity. Let us replace utopian socialist schemes that always cause recession and impoverishment wherever they are implemented. I know we can right this ship and I will say, Happy Thanksgiving — gobble, gobble, gobble — and that’s my riff. 

This article is adapted from Larry Kudlow’s opening commentary on the November 22, 2022, edition of “Kudlow.” 



Read More:Larry Kudlow: America’s economy is in jeopardy

2022-11-22 22:17:30

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Larry Kudlow: Middle-class is getting ‘slammed’ by inflation https://newsdaily.business/2022/10/14/larry-kudlow-middle-class-is-getting-slammed-by-inflation/ https://newsdaily.business/2022/10/14/larry-kudlow-middle-class-is-getting-slammed-by-inflation/#respond Fri, 14 Oct 2022 03:58:05 +0000 https://newsdaily.business/2022/10/14/larry-kudlow-middle-class-is-getting-slammed-by-inflation/ FOX Business host Larry Kudlow breaks down the current inflation rate and CPI percentage and reveals how this impacts middle class Americans’ real wages on ‘Kudlow.’ Despite a big stock market gain today after hugely volatile trading, the Dow swung roughly 1,500 points down and then up, the fact remains: The consumer price report came […]]]>


Despite a big stock market gain today after hugely volatile trading, the Dow swung roughly 1,500 points down and then up, the fact remains: The consumer price report came in far worse than expected in its final pre-election reading.  

There was a big stock drop on the news, short covering seemed to take over for the rest of the day. That kind of volatility is an unhealthy sign. Caveat emptor. Whatever the reasons, I think the outlook for stocks and bonds is a very precarious one in the months ahead.  

Meanwhile, the inflation arithmetic was very bad. Overall, CPI is up 8.2% for the year. Core, excluding food and energy, up 6.6%, that core rate is the biggest rise since August 1982. Numerous signs of strong and broad-based price pressures throughout the report.  

The Cleveland Fed’s median CPI, it’s a very useful indicator, its expenditure weight is the exact 50th percentile of all price changes, well, that rose by 7% year-on-year. It continues to rise steadily month after month. 

INFLATION SURGED MORE THAN EXPECTED IN SEPTEMBER AS PRICES REMAIN STUBBORNLY HIGH

Now, looking under the hood of the CPI, grocery prices are up 13% on the year, food prices up 11%, shelter up 6.6%, now used car prices fell 1.1% in September — but car parts are up eight-tenths, insurance up 1.5%, maintenance and repair up nearly 2% all for the month. It’s going to cost you a lot more to keep that car on the road and, oh, by the way, new car prices up seven-tenths for the month. 

Meanwhile, medical care services up a point for the month. Overall services up 7.4% for the year, take out energy — still up 6.7%. While it’s quite true that goods prices have calmed, but behind the rise in services — and this is a key point— is the wage component, OK? With the Atlanta Fed wage tracker up 6.7% for the year, people forget the importance of rising wages in these service prices. It’s a major part of the ongoing inflation problem. Now I apologize, I hate to bore everybody with all of these numbers, but factoids are important. I know that’s a novel idea, but they’re important. 

Meanwhile, some more real median weekly wages since January 2021 are down 5.5%. Real hourly wages have fallen 18 straight months with the latest yearly read dropping 3.8%. In other words, working folks are losing big-time. Their wages are rising, but inflation is rising more. This continues to be the soft underbelly of the Biden economy. Middle-class folks are getting slammed by higher prices, but if you think that the inflation arithmetic is bad, the monetary arithmetic is just as bad — maybe worse.  

True enough, the Fed is knocking out 75-basis point rate hikes, with more to come in November and December, and probably into next year. If it were up to me, I’d be doing full percentage hikes. Just rip that Band-Aid off, pour some cold water on the cut and it will heal, but there is still a huge pool of excess money out there. That’s what the Fed has failed to deal with.  

Bank reserves growing $3 trillion, twice as much as the pre-pandemic. So called, “Reverse Repurchase Agreement,” as the Fed drains money every day then it puts it back at night, anyway that’s running $2.6 trillion. That’s like nine times the mop-up operation pre-COVID.  

The Fed says they’re running off bonds $95 billion a month, but in reality, they’re not. In the past four months, they’ve only taken down $164 billion. It should be twice as much. Not enough. The overall balance sheet is just shy of $9 trillion. Pre-pandemic — $4 trillion. 

If inflation is defined as too much money chasing too few goods, we can still have way too much money. That is the key problem. It’s driving up prices, driving up wages and driving down living standards. 

I spoke briefly with Art Laffer today, who will be on the show tomorrow, and he said the Fed should just let interest rates seek their own level, while the central bank just mops up the excess money. How about that?

Now, last point: One way to absorb excess money is to produce more goods, but we are not. The Biden socialists have been on a spending tear. Not a production tear, a spending tear. 

The CBO just repriced student loan cancelation at $400 billion. The actuals will actually probably be $500 billion up to a trillion. The semiconductor bailout bill was almost $300 billion. The so-called “Inflation Reduction Act” could wind up with $800 billion in renewable tax credits. The budget deficit has been re-upped to $1.4 trillion this year. Business taxes raised, stock market taxes raised and the regulatory war on fossil fuels and business in general continues.  

Biden’s blaming Saudi and OPEC, when all he has to do is unleash production. There’s a very novel thought. Biden says inflation is coming down, but his spending keeps going up. Instead of work effort, we have an end to workfare and work requirements. Instead of incentives to grow the economy, we have racial justice and ESG boards proliferating throughout the federal government.  

You know what? The best racial justice I can think of is growing the economy by 5 or 10% coming out of the recession. After the successful Trump tax cuts, please remember, minority unemployment crashed, poverty crumbled and inequality declined. Now that’s racial justice.  

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Federal Reserve

The Marriner S. Eccles Federal Reserve Board Building is seen on September 19, 2022 in Washington, DC. The Federal Open Market Committee (FOMC) is set to hold its two-day meeting on interest rates starting on September 20. (Photo by Kevin Dietsch/Get ((Photo by Kevin Dietsch/Getty Images) / Getty Images)

Growth is good. Growth will soak up excess money. Supply-side growth will make the Fed’s job much easier. The Fed is no angel. They supported all this crazy federal spending and of course they’re in denial about the inflation problem until just recently. 

Now, last point: The election’s in a couple of weeks. Inflation’s still the number one problem. Inflation, economy, crime. I do believe the Biden Democrats are heading for a whooping. They deserve it. Socialism never works. The cavalry is coming. 

This article is adapted from Larry Kudlow’s opening commentary on the October 13, 2022, edition of “Kudlow.”



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2022-10-13 21:31:27

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Larry Kudlow: ‘Bidenflation’ is the root cause of these wage increases https://newsdaily.business/2022/09/16/larry-kudlow-bidenflation-is-the-root-cause-of-these-wage-increases/ https://newsdaily.business/2022/09/16/larry-kudlow-bidenflation-is-the-root-cause-of-these-wage-increases/#respond Fri, 16 Sep 2022 01:45:14 +0000 https://newsdaily.business/2022/09/16/larry-kudlow-bidenflation-is-the-root-cause-of-these-wage-increases/ FOX Business host Larry Kudlow weighs in on the Biden administration favoring unions on ‘Kudlow.’ Just hours before the deadline, the much-feared railroad strike was finally settled. Now, that’s a good thing because it would have wreaked even more havoc on an already slumping economy. Supply shortages would have driven inflation even higher. As far […]]]>


Just hours before the deadline, the much-feared railroad strike was finally settled. Now, that’s a good thing because it would have wreaked even more havoc on an already slumping economy. Supply shortages would have driven inflation even higher. As far as the settlement goes, I don’t know every detail yet, but the headline sounded reasonably reasonable. 

Basically, it’s a 24% wage hike over five years, retroactive to the middle of 2020 and extending through 2024, depending on your job. The annual increases are estimated to be 3 to 7% increases. There is a retroactive back-pay bonus of $11,000. The unions originally wanted a 31% gain, but they settled for less. Noteworthy in all of this, the Atlanta Fed wage tracker is 6.7% over the past year. The CPI, of course, is 8.3%. 

Now, in some conservative circles, it’s always fashionable to rail against union wage increases (no pun intended), but, you know, the reality is they’re trying to keep up with inflation. 

Bidenflation is really at the heart of all this. It’s the root cause of these wage increases. It’s really not the fault of the workforce that in recent years, federal spending has ballooned inflation and the Federal Reserve, until recently, has accommodated it. Unions don’t control congressional purse strings or the nation’s money supply. They might want to, but so far, they don’t. 

 WORLD BANK WARNS GLOBAL RECESSION RISK RISING AS INTEREST RATES SOAR HIGHER 

President Biden speech

President Joe Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021 at U.N. headquarters in New York City. (Photo by Timothy A. Clary-Pool/Getty Images) ((Photo by Timothy A. Clary-Pool/Getty Images) / Getty Images)

Real wages in the past year have fallen 3.4%, which is a huge pay cut to working folks. So, in this case, I just can’t blame typical working families for trying to buy groceries or keep the refrigerator on or heat their homes or buy a new car. They’re just trying to keep the lights on and get by. Government is the big problem — not the workforce — and in this case, not the union. 

Now, if we had a reliably strong king dollar and a balanced budget and supply-side growth policies that would minimize taxes and regulations, we wouldn’t have this relentless inflation. So, I’m siding with the workers and, in this case, with the union. These are, by the way, private sector union workers, not government workers. Call me sympathetic to the former, but I am not sympathetic to the latter. 

Now, I do want to note, however, that the Biden administration has thrown everything but the kitchen sink at their union supporters. This is a different point. I should say at the union leadership, because the leadership is way far left of most of the rank-and-file workers. 

For example, the National Labor Relations Board has fostered the most aggressive pro-union policies in half a century. They have cooperated with union leaders in union elections by doing all they can to stop employers from telling their side of the story. They’ve even called election do-overs in several cases, including the Amazon episode in Alabama. 

The NLRB has supported what’s called card checks, which bypass fair secret-ballot elections. They try to prevent employers from holding private meetings with employees. Most egregiously, the Biden administration is imposing Davis-Bacon wage rates on all manner of new construction. 

 Davis-Bacon, which goes all the way back to the 1930s, requires contractors to pay inaccurate, bloated government-determined wages and benefits on taxpayer funded construction projects. In other words, not competitively determined market wage rates, but government-set wage rates, which are of course always higher. 

For example, in this recent CHIPS Act for the semiconductor industry, it required Davis-Bacon prevailing wages for any building that benefits from federal tax credits. No Davis-Bacon wages – no tax credit. 

 All the Green New Deal spending on huge tax credits and subsidies in the so-called “Inflation Reduction Act” allows for a Davis-Bacon wage bonus for union shops. No union shop – no Davis-Bacon bonus. 

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These sorts of regulations will jack up construction costs. They will stifle job creation and surely discourage competition from small businesses and discourage competition in labor markets. Minority workers are usually the first to suffer. 

I don’t mind working folks getting higher wages to offset higher inflation, but I do mind the Biden administration’s expensive attempts to favor unions over basic market competition. All that is one of the key causes of inflation. 

This article is adapted from Larry Kudlow’s opening commentary on the September 15, 2022, edition of “Kudlow.”



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2022-09-15 21:10:52

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Larry Kudlow: These climate policies would lead to a global economic and financial catastrophe https://newsdaily.business/2022/09/10/larry-kudlow-these-climate-policies-would-lead-to-a-global-economic-and-financial-catastrophe/ https://newsdaily.business/2022/09/10/larry-kudlow-these-climate-policies-would-lead-to-a-global-economic-and-financial-catastrophe/#respond Sat, 10 Sep 2022 00:45:10 +0000 https://newsdaily.business/2022/09/10/larry-kudlow-these-climate-policies-would-lead-to-a-global-economic-and-financial-catastrophe/ FOX Business host Larry Kudlow calls out Janet Yellen’s remarks and weighs in on Biden’s economic policies on ‘Kudlow.’ There they go again, Joe Biden and company out there on the campaign trail telling us how wonderful their economic policies have been. Wait. Scrap “wonderful.” Insert “successful,” fabulously successful economic policies.  The problem is in […]]]>


There they go again, Joe Biden and company out there on the campaign trail telling us how wonderful their economic policies have been. Wait. Scrap “wonderful.” Insert “successful,” fabulously successful economic policies. 

The problem is in barely more than a year Bidenomics has taken a non-inflationary boom and turned it into a high-inflation bust. Frankly, with no relief in sight at least until the cavalry comes and changes congressional policies this November, I am delighted to see my dear friends on the Wall Street Journal editorial board take Treasury Secretary Janet Yellen to task. 

She is leading the Biden economic victory tour, but unfortunately, she has supported all of the progressive big-government socialist policies coming from the far-left of the Democratic Party. 

She believes that the $2 trillion stimulus package of March 2021 was necessary to boost the economy. The trouble is the economy was already in a V-shaped recovery coming out of the pandemic, undergirded by President Trump’s policies of low taxes, deregulation and open fossil fuel spigots. 

BANK OF ENGLAND SAYS CURRENCY WITH QUEEN ELIZABETH’S IMAGE HAS LEGAL TENDER AFTER HER DEATH 

Treasury Secretary Janet Yellen offered a new inflation assessment on Sunday's "Meet The Press" on NBC.

U.S. Treasury Secretary Janet Yellen has issued a new inflation prediction and admitted an analysis she offered in May on inflation was wrong. (Photo by Chung Sung-Jun/Getty Images) (Photo by Chung Sung-Jun/Getty Images / Getty Images)

Ms. Yellen, who is an accomplished economist and a former Fed chair and married to a distinguished Nobelist is speaking with forked tongue. Her analysis is false. Moreover, she was leading the charge along with Jay Powell and Joe Biden, which created inflationary pressures from extravagant government spending, massive government borrowing and exuberant Fed money-printing. 

These are all homegrown policies that preceded Vladimir Putin invading Ukraine. There was an 8% inflation rate caused by these huge fiscal mistakes. That is why Ms. Yellen’s reputation is plunging. Personally, I hate to see it. Professionally, I have to talk about it. 

As the Wall Street Journal points out (and I’ve said dozens of times on this show over the past year) the Trump tax cuts increased real wages for blue-collar working folks and minorities. Unemployment rates for those groups plunged to 50-year lows. Poverty declined. Inequality declined. 

The biggest winners from the personal and business tax cuts were middle- and lower-income folks—not the top earners. These are facts. Ms. Yellen, speaking in Detroit, argues that Trump’s tax cuts caused higher inequality and slower growth. She is factually wrong and she knows it. By the by, with Mr. Biden’s 8% inflation rate, real worker wages have actually fallen by 3.5% over the past year. 

The first bullet in today’s White House economic blueprint fact sheet says workers are being empowered. Oops, forgot about the falling real wages and family incomes! 

They talk about making and building in America, but wait a second, you can’t get a permit to make or build anything in Biden’s America. His zealous environmental rules have stopped almost everything. All manner of energy and, by the way, ordinary road-building infrastructure too—can’t get it past the fanatics in the White House and the EPA. 

PRINCETON UNIVERSITY TO COVER ALL COLLEGE COSTS FOR STUDENTS FROM FAMILIES EARNING LESS THAN $100K 

Rewarding work, not wealth, they say. Well, every model—government or private sector —shows Biden’s recent legislation will heavily tax the middle class and the IRS will spend its time unloading on the middle class and virtually no one in the entire American population believes the Inflation Reduction Bill will reduce inflation—virtually no one. 

I will conclude with this thought. This radical global warming, climate change obsession that informs every single policy of the Biden administration is moving the U.S. and the world economy toward an unstoppable economic decline. Hat tip to the Wall Street Journal’s Joseph Sternberg for his latest column, “The Coming Global Crisis of Climate Policy.” 

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There is no climate emergency. It’s all a central-planning socialist fabrication, trying to jam this bureaucratic religion down our throats. Fossil fuels generate about 85% of the world’s power, even after decades of government subsidies and crazy quilted regulatory plans, but what will happen if any of these climate policies for “net-zero this, or net-zero that, or we’re going to take your car away from you, or we’re not going to let you run your air conditioner” or literally any of these crazy policies that just want to unplug America, if any of this stuff ever truly came to pass, it would be a global economic and financial catastrophe. 

Folks, I want to go home with an optimistic frame of mind heading into the weekend. Why? Because the cavalry is coming and that’s my riff. 

 This article is adapted from Larry Kudlow’s opening commentary on the September 9, 2022, edition of “Kudlow.”



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2022-09-09 22:22:03

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Larry Kudlow: Biden took a booming economy without inflation and turned it into a high-inflation bust https://newsdaily.business/2022/09/08/larry-kudlow-biden-took-a-booming-economy-without-inflation-and-turned-it-into-a-high-inflation-bust/ https://newsdaily.business/2022/09/08/larry-kudlow-biden-took-a-booming-economy-without-inflation-and-turned-it-into-a-high-inflation-bust/#respond Thu, 08 Sep 2022 01:10:20 +0000 https://newsdaily.business/2022/09/08/larry-kudlow-biden-took-a-booming-economy-without-inflation-and-turned-it-into-a-high-inflation-bust/ FOX Business host Larry Kudlow weighs in on President Joe Biden’s tough rhetoric against Republicans on ‘Kudlow.’ There’s a growing view inside the mainstream media that Joe Biden’s recent legislative victories and his recent speeches that MAGA Republicans are a threat to democracy and are “semi-fascists” are going to give the Democrats some midterm momentum […]]]>


There’s a growing view inside the mainstream media that Joe Biden’s recent legislative victories and his recent speeches that MAGA Republicans are a threat to democracy and are “semi-fascists” are going to give the Democrats some midterm momentum and they’re going to overtake the GOP by snatching victory from the jaws of defeat. I’m not buying it and here’s why you shouldn’t either. 

First of all, the new legislation is not popular. By 36% to 12%, an Economist-YouGov poll shows that voters believe the IRA legislation will actually increase inflation. As for the student loan cancellation, a poll from another network shows by 59% to 38% that voters believe that too will increase inflation. 

By the way, the latest inflation report for July was 8.5% year-on-year and the inflation tracker from the Cleveland Fed predicts an 8.2% CPI for both August and September. 

As far as Biden’s attack on 74 million Americans who voted for President Trump in the last election, new polls show these speeches were a disaster. The Trafalgar Group polling likely voters shows 56% believe it was “dangerous rhetoric,” over 20 points more than those who believe it was ‘acceptable campaign messaging.” 

 BIDEN HAS AMERICA HEADING IN ‘THE WRONG DIRECTION’; EXPECT GOP TO WIN HOUSE AND SENATE: SEN. CHUCK GRASSLEY 

Joe Biden

President Joe Biden speaks about efforts to combat COVID-19, in the State Dining Room of the White House, Tuesday, March 2, 2021, in Washington. (AP Photo/Evan Vucci) (AP Photo/Evan Vucci / AP Newsroom)

Just today, Rasmussen Reports also finds that 46% say the upcoming midterm election is a “referendum” on Biden’s agenda. Only 40% think it’s more about “individual candidates.” 

These early returns on Mr. Biden’s outrageous, hateful and divisive rhetoric, alongside huge new tax-and-spend Democratic legislation, suggest the Republican cavalry is in very good shape here 61 days before the midterms. 

Another lesson: never believe the mainstream media. Of course, voters are going to cast ballots against Biden’s authoritarian, dictatorial, big government socialism.  

Mr. Biden took a booming economy without inflation and turned it into a high-inflation bust in a little more than a year. His war on fossil fuels has driven gasoline, oil, natural gas and coal prices sky-high — ditto for food prices on grocery shelves. He can’t even get proper baby formula on store shelves. He has spent massively, raised taxes and launched the biggest regulatory assault on business we have ever seen. Real wages for working folks have fallen steadily. 

He is not only obsessed with climate change, without ever providing any alternate replacement. He is similarly maniacal about repealing all the successful Trump tax cuts that gave us the lowest poverty and highest family wages in 50 years. 

He wants a battery-powered economy but won’t let people mine the resources to develop it. His allies want to end gas-powered cars but are now telling EV owners they can’t recharge their batteries. Why? No electricity. Why? Not enough fossil fuels. 

 STUART VARNEY: BIDEN PROMISED TO UNIFY, BUT HE HAS ‘DONE THE OPPOSITE’ 

He has weaponized the Justice Department and the FBI against his arch-enemy Donald Trump. He lied about the miracle of Operation Warp Speed. He has stifled free speech, calling parents “domestic terrorists” and pressing social media to evaporate the Hunter Biden laptop story. That story, by the way, could’ve changed the 2020 election. 

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He lied about the Afghanistan exit being a great success. He lies about the open southern border, with millions of illegals crossing it and the scourge of fentanyl that has come with it. 

Not only has his economic version of central planning been a complete failure, but he has resorted to an authoritarian, dictatorial, divisive approach that is devoid of truth, but Americans are a lot smarter than Mr. Biden thinks. They will reject his perverse vision of America. That is why I believe the cavalry is in good shape as we enter the final run for the roses. 

This article is adapted from Larry Kudlow’s opening commentary on the September 7, 2022, edition of “Kudlow.”



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2022-09-07 21:32:07

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Larry Kudlow: These major energy provisions are insane https://newsdaily.business/2022/08/17/larry-kudlow-these-major-energy-provisions-are-insane/ https://newsdaily.business/2022/08/17/larry-kudlow-these-major-energy-provisions-are-insane/#respond Wed, 17 Aug 2022 23:40:50 +0000 https://newsdaily.business/2022/08/17/larry-kudlow-these-major-energy-provisions-are-insane/ FOX Business host Larry Kudlow calls out the impact of the Inflation Reduction Act on ‘Kudlow.’ In recent nights, you’ve heard my double-barreled criticism of the so-called “Inflation Reduction Act,” a $750 billion monstrosity that does not reduce inflation, does not reduce global warming, does raise taxes for middle-class working folks, will deepen recession and […]]]>


In recent nights, you’ve heard my double-barreled criticism of the so-called “Inflation Reduction Act,” a $750 billion monstrosity that does not reduce inflation, does not reduce global warming, does raise taxes for middle-class working folks, will deepen recession and has not one iota, scintilla, whit, shred or morsel of economic growth incentives. 

An Economist/YouGov poll shows that just 12% think the bill will reduce inflation, but 40% think it will increase inflation. Speaking of recession, we had a soft retail sales number today and the GDP tracker from the Atlanta Fed dropped to 1.6% growth in Q3, from 2.5% just ten days ago and, as you know, GDP declined in the first two quarters of the year. 

Big-box retailer Target reported a 90% drop in profits and sales fell way below estimates. Yesterday, housing starts and permits fell significantly. A new TIPP poll showed 62% of Americans believe the U.S. is in a recession. 

As the Biden Democrats have repealed Donald Trump’s successful tax-cut, deregulation and energy dominance policies in a mere 20 months, the economy has turned from boom to bust, but until the GOP recaptures Congress and saves America by repealing this bill, we’re going to have to live with this monstrosity. 

THE INFLATION REDUCTION ACT IS CHANGING ELECTRIC CAR TAX CREDITS 

President Joe Biden

President Joe Biden and the White House COVID-19 Response Team participate in a virtual call with the National Governors Association from the South Court Auditorium of the Eisenhower Executive Office Building of the White House Complex on Monday, Dec (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)

So, I want to point out two major energy provisions you may not be familiar with. Both are insane. First is the national climate bank, a $27 billion government bank will be administered by the U.S. Environmental Protection Agency, the EPA. Now, you might ask what banking or credit risk or payment facilities the EPA has. If you guessed “none,” you’d be right. 

This is a green “slush fund” to hand out favors to Biden world’s political allies. There’s a $7 billion bucket for low-income and disadvantaged communities to reduce greenhouse gas emissions. There’s an $8 billion bucket also earmarked for low-income and disadvantaged communities to fund direct or indirect investments in renewables lacking financial access and a third bucket of $12 billion to be used broadly to support renewable projects nationwide. 

In other words, no strings attached. I think it would be much more efficient if the government were to just write a simple direct check to the Democratic National Committee. Right? But, that’s not all. 

Also buried in the legislation is $250 billion for the Energy Department.For context, the entire DOE budget in FY 2021 was around $40 billion. Now, to be sure, the $250 billion is predominantly loan guarantees, although there will be direct lending in there too. 

Here, too, you might ask what banking experience the Energy Department has or how many credit risk officers they have employed. Again, if you answered zero, you’d be right. Washington wags are calling this Solyndra on steroids. Not bad and this is a bit like the IRS story. Remember, the bill created a second IRS by doubling its budget and the number of its agents? Double your pleasure, double your fun. 

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When it comes to the Energy Department, it’s 600% your pleasure and fun. I can see a Solyndra Industrial Complex growing up overnight on this one and, in the spirit of empirical accuracy, it behooves me to note Bjorn Lomborg’s research, using the U.N. climate model, that calculates that the $400 billion climate spending binge will reduce global warming, best case, by 28 thousandths of one degree Fahrenheit or, worst case, by 9 ten-thousandths of one degree Fahrenheit. 

 In other words, nothing. Sure hope the cavalry is coming to save America and repeal this bill. 

This article is adapted from Larry Kudlow’s opening commentary on the August 17, 2022, edition of “Kudlow.”



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2022-08-17 21:05:10

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Larry Kudlow on the Inflation Reduction Act: There isn’t a whit of economic growth incentives in this https://newsdaily.business/2022/08/17/larry-kudlow-on-the-inflation-reduction-act-there-isnt-a-whit-of-economic-growth-incentives-in-this/ https://newsdaily.business/2022/08/17/larry-kudlow-on-the-inflation-reduction-act-there-isnt-a-whit-of-economic-growth-incentives-in-this/#respond Wed, 17 Aug 2022 05:37:48 +0000 https://newsdaily.business/2022/08/17/larry-kudlow-on-the-inflation-reduction-act-there-isnt-a-whit-of-economic-growth-incentives-in-this/  FOX Business host Larry Kudlow calls out deception in the Inflation Reduction Act and weighs in on the current state of the economy on ‘Kudlow.’ President Joe Biden is gleefully signing this monstrosity of a tax and spend bill, but he’s not fooling anybody.  The Economist/YouGov poll shows that just 12% think the bill will […]]]>


President Joe Biden is gleefully signing this monstrosity of a tax and spend bill, but he’s not fooling anybody. 

The Economist/YouGov poll shows that just 12% think the bill will reduce inflation, 40% think it will increase inflation, and 23% believe it will do nothing. 

Twelve percent, Joe. That’s got to be a new low… even for you. There is not one single iota, scintilla, whit, shred or morsel of economic growth incentives in this bill. Not a single comma, semicolon, dotted “i” or crossed “t” of growth. Nothing.

After two-quarters of negative GDP, with nearly 10% inflation, this is what the radical Democrats have come up with? This is the best they can do? Really? The 40% of that YouGov poll showing that think this goofy bill will increase inflation understand full well that the massive $400 billion-plus Green New Deal spending will make energy and electricity more expensive. 

WALMART CEO: INFLATION LURES MORE HIGHER-INCOME SHOPPERS 

Joe Biden gas prices

President Joe Biden speaks on the South Lawn of the White House, Monday, July 4, 2022, in Washington.  (AP Photo/Evan Vucci / AP Newsroom)

Just check out gas and electricity prices in greenie states like California, New York, New Jersey, Connecticut and others. Even worse, our friend Bjorn Lomborg, using the U.N. climate model, calculates that the $400 billion climate spending will reduce global warming — get this, best case — by 28 thousandths of a degree Fahrenheit or, worst case, by only nine 10-thousandths of 1 degree Fahrenheit. In other words, no global climate impact. 

Biden’s radical greenie pals are trying to sell us a very phony bill of goods, but that bill is going to cost at least $750 billion in new spending overall. That includes about $600 billion of tax hikes and high-cost gimmicks, and did you know that inside all this greenie spending, we now have ourselves a $27 billion brand spanking new national climate bank administered by the EPA? 

Did you know that your Energy Department will have a $250 billion slush fund? Think Solyndra to the 100th power. Isn’t this fun? And that’s only part of the story. Of course, we have a new IRS. Why do I say that? Well, we already had one IRS, but now, it’s been doubled with a $80 billion budget increase, and we have a brand spanking new IRS agent army because, although we already had an army, it got doubled, too. This one may be armed. 

Remember the old chewing gum ad, double your flavor, double your fun? Well, here we are. Get ready and, in spite of the economic slump, small business pass-throughs get a $53 billion last-minute tax hike. American corporations get a $222 billion tax hike. Seniors, retirements, government pensioners and all the rest of us with 401Ks or IRAs get a $74 billion tax hike. 

Everyone is going to get a $250 billion cost increase thanks to prescription drug price controls and the CBO and Joint Tax Committee, the government scorekeepers, have shown that not only is there no inflation reduction, but the bulk of these tax hikes and the IRS army will fall on middle- and lower-income taxpayers. And you know those greenie EV tax credits?

Well, Ford just jacked up its price for the F-150 Lightning Pro by $7,000, but none of them will probably be available because the lithium, nickel and other commodities necessary for the batteries are all made in China. 

 WALMART MEETS CONSUMER SPENDING CHANGES WITH MARKDOWNS: CFRA ANALYST 

Since the greenies won’t let America mine for its own natural resources, we’re going to be out of luck. The net-net of this net-zero nonsense is that Americans will be poorer and far less competitive in world markets. Is that really what we want? 

Oh, and finally, all these budget numbers I’ve just given you may prove to be somewhat wrong because the CBO never even scored the cost of this monstrosity. That’s right. 

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This bill had to be passed for us to find out what’s in it, but it turns out the bill was passed and is now being signed, but we still don’t know what’s in it. Call it radical Democrat scoring. 

So, you know me, ever the optimist. The cavalry is coming. Save America. Repeal this bill. 

This article is adapted from Larry Kudlow’s opening commentary on the August 16, 2022, edition of “Kudlow.”



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2022-08-16 21:20:34

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Larry Kudlow: This is $93 billion in direct attacks on fossil fuels and energy independence https://newsdaily.business/2022/08/16/larry-kudlow-this-is-93-billion-in-direct-attacks-on-fossil-fuels-and-energy-independence/ https://newsdaily.business/2022/08/16/larry-kudlow-this-is-93-billion-in-direct-attacks-on-fossil-fuels-and-energy-independence/#respond Tue, 16 Aug 2022 04:23:55 +0000 https://newsdaily.business/2022/08/16/larry-kudlow-this-is-93-billion-in-direct-attacks-on-fossil-fuels-and-energy-independence/ FOX Business host Larry Kudlow exposes what is in the Democrats’ social spending bill on ‘Kudlow.’ Sometime later this week, Joe Biden is going to sign the fraudulently named “Inflation Reduction Act.” This whole story is most unfortunate for Americans suffering from high inflation and recession.  It’s a terrible bill and actually might increase inflation […]]]>


Sometime later this week, Joe Biden is going to sign the fraudulently named “Inflation Reduction Act.” This whole story is most unfortunate for Americans suffering from high inflation and recession. 

It’s a terrible bill and actually might increase inflation and deepen recession in the period ahead. Above all, middle income working folks making less than $200,000 a year will pay significantly higher taxes. Federal debt will rise over $50 billion and a massive increase in the IRS will trample American privacy and basic constitutional rights even more than has already been the case. 

In fact, many of the new 87,000 IRS agents are likely to be armed, which is an incredible thing if you think about it, but among all the nutty things in this pathetic bill is another massive taxpayer-funded dose of Green New Deal programs that the public rejects but the Bidens obsessively support. 

Some of the lowlights will be a $250 billion slush fund for the Energy Department (think of Solyndra to the 100th power), $134 billion in tax credits for corporate welfare and Biden donors and $27 billion for a national climate bank. That’s right, a national climate bank—as in an EPA slush fund. 

 SOARING INFLATION DRIVES MORE AMERICANS TO LIVE PAYCHECK TO PAYCHECK DESPITE 5.1% INCREASE IN WAGES 

President Joe Biden speaks at the White House

President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, Monday, March 15, 2021, in Washington. (AP Photo/Patrick Semansky) ((AP Photo/Patrick Semansky) / AP Images)

Then, there’s $7.5 billion in subsidies for new electric vehicles that typical families cannot afford and, by the way, most of the battery ingredients will disqualify even the cars for rich people because they’re made in China and the radical greenies won’t let resource-rich America mine these necessary minerals and, let’s not forget, $3 billion for so-called “climate justice” for the Biden wokesters, whatever “climate justice” is supposed to mean. 

Then there’s $12 billion in new taxes on fossil fuels, a $1,500-per-ton natural gas methane fee. All told, $93 billion in direct attacks on fossil fuels and energy independence. 

 Now, you would think that somebody in the federal government would want some kind of scorecard and environmental review to figure out whether this astronomical Green New Deal spending does any good or harm to the economy and the climate, but you would be wrong. There is no scoring. 

There’s no CBO estimate on the climate impact. CBO and JTC have already said this bill will not reduce inflation, but there’s nobody around to tell us whether this will increase or reduce carbon. 

Does that sound as stupid to you as it does to me? All that money, which requires higher taxes on all Americans, going to what exactly? Nobody knows. Actually, both houses of Congress voted in favor of this goofy bill without even knowing what any of it costs. There’s been no CBO price-out of the overall cost. 

That includes stuff like gimmicks to hide $250 billion-some odd healthcare spending, the wage-lowering impact of the $220 billion hike in corporate taxation, $74 billion tax hike on senior retirees and 401(k)’s, and a $50 billion last-minute tax hike on small businesses. 

 BANK OF AMERICA CHIEF ECONOMIST SEES HIGH CHANCE OF MILD RECESSION THIS YEAR 

None of this has been costed out by the CBO, so, to coin a phrase, “you won’t know what’s in this bill until it’s passed.” Even then, we may not know what’s in this bill. 

So, back to the climate change impact. Our friend Bjorn Lomborg, who is our first guest this evening, has done his own price-out of the climate money using the United Nations climate model to measure the legislation’s impact on global temperature. 

His conclusion? The new climate act will have an unnoticeable impact, even by year 2100. In other words, this bill raises inflation, deepens recession, prints new money, increases the debt, all of which will continue for Lord knows how long, but over the next 80 some odd years has no noticeable climate impact. Wait a minute, I don’t want to exaggerate here. 

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According to Bjorn, the optimal scenario is that carbon could be reduced by twenty-eight thousandths of one degree Fahrenheit. The pessimistic scenario is that the carbon impact would be reduced by—get this — nine ten-thousandths of one degree Fahrenheit. Got that? 

Is that really worth roughly a trillion dollars of new spending and tax hike burdens on Americans?  I don’t think so. The cavalry is coming and when it does, I hope all of this nonsense is repealed.  

This article is adapted from Larry Kudlow’s opening commentary on the August 15, 2022, edition of “Kudlow.”



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2022-08-15 21:23:53

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Larry Kudlow: What is probably the worst part of Manchin-Schumer bill has been removed https://newsdaily.business/2022/08/05/larry-kudlow-what-is-probably-the-worst-part-of-manchin-schumer-bill-has-been-removed/ https://newsdaily.business/2022/08/05/larry-kudlow-what-is-probably-the-worst-part-of-manchin-schumer-bill-has-been-removed/#respond Fri, 05 Aug 2022 22:47:55 +0000 https://newsdaily.business/2022/08/05/larry-kudlow-what-is-probably-the-worst-part-of-manchin-schumer-bill-has-been-removed/ FOX Business host Larry Kudlow weighs in on the jobs report and the Democrats’ revised spending bill on ‘Kudlow.’ Some good news today, in two parts. First, more Americans are working. That is unambiguously good. Corporate payrolls up 471,000 in July, with a 5.2% year-to-year wage increase, 6.2% if you’re a blue-collar worker.  The unemployment […]]]>


Some good news today, in two parts. First, more Americans are working. That is unambiguously good. Corporate payrolls up 471,000 in July, with a 5.2% year-to-year wage increase, 6.2% if you’re a blue-collar worker. 

The unemployment rate is down to 3.5%. The small-business oriented household survey, not quite as strong: +179K. 

So, in the first half, economy was negative in recession. We’ll see about Q3 after the good jobs report. We’ve still got a big inflation problem, although market price indicators have tailed down. 

The Fed has got more work to do to drain its balance sheet and bring its Fed funds target rate above the inflation rate. I don’t know where that will land, but 2.5% is still way too low. My guess is base core inflation is probably around 5 to 6%, but let us cheer that more Americans working. 

 BIDEN TOUTS JOBS REPORT DURING BIPARTISAN BILLS SIGNING CRACKING DOWN ON PERPETRATORS OF COVID RELIEF FRAUD 

Sen. Joe Manchin

 Sen. Joe Manchin (D-WV) leaves the U.S. Capitol following a vote on August 03, 2021 in Washington, DC.  (Photo by Kevin Dietsch/Getty Images / Getty Images)

By the way, if we had decent supply-side economic policies with lower tax rates and deregulation, we would have nothing to fear from 5 to 6% wage increases, but we have a heavily overregulated economy and plenty of threats and more is coming. 

Think of the right policy as tax cuts and king dollar. The former generates growth incentives, the latter holds down prices. That’s the optimal policy mix. Second piece of good news: capex investment is being carved out of the Manchin-Schumer monstrosity. 

Courtesy of Senator Kyrsten Sinema, probably the worst part of this dumb bill has been removed. Taxable profits will replace minimum corporate book profits, at least as far as 100% expensing of plant equipment and technology is concerned. 

There is no legislative text yet so we don’t know everything that we’re going to need to know about this deal, but the kill shot to business investment has been removed, as far as I can tell. So, hats off to Senator Sinema. I’m sure she watches our show nightly, taking notes constantly, as she removed the most economically damaging part of this goofy bill. 

Also, the carried interest provision, which taxes private equity funds on a capital gains basis with a three-year holding period, has also been removed. Of course, that still leaves the IRS DC swamp rat provision to attack small businesses and conservative groups. Also remaining are drug price controls, that by the way the CBO is actually scoring as a price hike, not a cost reduction and, of course, the war against fossil fuels — we’ll call it $430 billion worth — giving the EPA new power to regulate greenhouse gases and Lord knows what else. 

Then we have the social spending that includes new Obamacare subsidies. That will cost about $250 billion, on top of the $430 billion fossil fuel war, plus of course the $285 billion CHIPS+ bill. 

 WHITE HOUSE STANDS BY INFLATION REDUCTION ACT AFTER CBO WARNS INFLATION WON’T DROP AS A RESULT 

So, if you add it up, it’s close to a trillion dollars of spending. It will not be paid for. It may well boost inflation and there are assorted tax-hike cats and dogs left in this little piece of left-wing, woke utopia that we don’t really know much about. 

Like I say, it’s a dumb, goofy bill. America doesn’t need it. Only the far left wants it. It will not help the economy. It will not reduce inflation. It will create a lot more deficits and debt and, if you hadn’t already guessed, it’s not my cup of tea. 

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At least there’s no investment tax on small businesses. At least there’s no confiscatory wealth tax and at least the capex expensing will remain a tax-free deductible. So, in the last moments of left-wing progressive woke rule in Washington, I guess I can say it could’ve been worse. I know the wokesters wanted it much worse, but, you know folks, this is a pathetic bill and it’s a pathetic agenda and it’s a pathetic Democratic Party. 

Nothing to beat inflation. Nothing to grow the economy. Nothing to close the border. Nothing to solve the crime wave. Their agenda is nothing. Pathetic, but I also know the cavalry is coming and it would be great if we could save America and kill the rest of this bill. 

This article is adapted from Larry Kudlow’s opening commentary on the August 5, 2022, edition of “Kudlow.”



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2022-08-05 21:09:37

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