There they go again, Joe Biden and company out there on the campaign trail telling us how great their economic policies were. Wait. Scrap “awesome”. Enter “successful”, highly successful economic policies. The problem is in just over a year Bidenomics has taken a non-inflationary boom and turned it into a high-inflationary failure. Frankly, with no relief in sight at least until the cavalry comes in and changes the policies of Congress this November, I’m glad to see my dear friends on the Wall Street Journal editorial board getting Treasury Secretary Janet Yellen in the project. He is leading the Biden economic victory tour, but unfortunately, he has supported all the progressive socialist policies of big government coming from the far left of the Democratic Party. He believes the March 2021 $2 trillion stimulus package was necessary to stimulate the economy. The problem is that the economy was already in a V-shaped recovery coming out of the pandemic, undercut by President Trump’s policies of low taxes, deregulation and open fossil fuel spigots. BANK OF ENGLAND SAYS QUEEN ELIZABETH COIN QUEEN ELIZABETH PICTURE HAS LEGAL CARRIAGE AFTER HER DEATH US Treasury Secretary Janet Yellen issued a new inflation forecast and admitted that the 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 chairman of the Fed and married to a distinguished Nobel laureate speaks with a forked tongue. Her analysis is false. In addition, he led the charge along with Jay Powell and Joe Biden, who created inflationary pressures from excessive government spending, massive government borrowing, and the Fed’s exuberant money printing. These are all domestic policies that preceded Vladimir Putin’s invasion of Ukraine. There was an 8% inflation rate caused by these huge fiscal mistakes. This is why Ms. Yellen’s reputation is sinking. 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 have increased real wages for workers and minorities. Unemployment rates for these groups fell to 50-year lows. Poverty decreased. Inequality decreased. The biggest winners from the personal and business tax cuts were middle- and lower-income earners — not higher-income earners. These are facts. Ms. Yellen, speaking in Detroit, argued that Trump’s tax cuts had caused greater inequality and slower growth. He is indeed wrong and he knows it. Meanwhile, with Mr. Biden’s 8% inflation, workers’ real wages have actually fallen by 3.5% over the past year. The first bullet point in today’s White House economic plan bulletin says that workers are getting a boost. Oh, you forgot about the decline in real wages and family incomes! They talk about making and building in America, but wait a minute, you can’t get a permit to make or build anything in Biden’s America. His zealous environmental rules have stopped almost everything. Any kind of energy and, by the way, ordinary road infrastructure too – can’t get past the White House and EPA fanatics. PRINCETON UNIVERSITY TO COVER ALL COLLEGE COSTS FOR STUDENTS FROM FAMILIES EARNING LESS THAN $100,000 Peapack Private Wealth Management CEO David Dietz provides insights into stock market and cryptocurrency investing on Make Money. Reward work, not wealth, they say. Well, every model — government or private sector — shows that Biden’s recent legislation will tax the middle class heavily and the IRS will spend its time bailing out the middle class, and virtually no one in the entire American population believes that the decrease in inflation will decrease inflation— virtually no one. I will conclude with this thought. This radical global warming, climate change obsession that informs every policy of the Biden administration is driving the US and the global economy into an unstoppable economic decline. Hat tip to Joseph Sternberg of the Wall Street Journal for his latest column, “The Coming Global Crisis of Climate Policy.” CLICK HERE TO GET THE FOX NEWS APP There is no climate emergency. It’s all a centrally planned socialist construct, trying to force this bureaucratic religion down our throats. Fossil fuels generate about 85% of the world’s power, even after decades of government subsidies and crazy regulatory schemes, but what if any of these climate policies of “net zero this, or net zero that, or we will take your car, or we won’t let you run your air conditioner” or literally any of these crazy policies that just want to disconnect America, if any of this ever actually happened, it would be a global economic and financial disaster. Guys, I want to go home with an optimistic mood for the weekend. Why; Because the cavalry is coming and that’s my riff. This article was adapted from Larry Kudlow’s opening commentary in “Kudlow” on September 9, 2022.
