Larry Kudlow: Biden took a booming economy without inflation and turned it into hyperinflation

There is a growing view within the mainstream media that Joe Biden’s recent legislative victories and recent speeches are the same MAGA . REPUBLICS They pose a threat to democracy and the “quasi-fascists” will give Democrats some momentum in the medium term and will outperform the Republican Party by snatching victory from the jaws of defeat. I don’t buy it and here’s why you shouldn’t either.

First of all, the new legislation is unpopular. By 36% to 12%, an Economist-YouGov poll showed that voters believed IRA legislation would actually increase inflation. As for student loan cancellation, a poll from another network showed 59% to 38% that voters believed it would also increase inflation.

Incidentally, the latest July inflation report was 8.5% y/y, and the inflation tracker from the Cleveland Fed expects CPI to be 8.2% for both August and September.

as far as Biden attack On the 74 million Americans who voted for President Trump in the last election, new polls show these speeches were a disaster. Trafalgar Group polls showed that 56% of potential voters thought it was “dangerous speech”, more than 20 points more than who thought it was “acceptable campaign messages”.

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Joe Biden

President Joe Biden talks about efforts to combat COVID-19, in the White House dining room, Tuesday, March 2, 2021, in Washington. (AP Photo/Evan Vucci) (AP Photo/Evan Vucci/AP Newsroom)

Just today, Rasmussen reports found that 46% say the upcoming midterm elections are a “referendum” on Biden’s agenda. Only 40% think it is more about ‘individual candidates’.

These early returns on Mr. Biden’s scandalous and divisive rhetoric, along with massive new Democratic legislation on tax and spending, suggest that the Republican cavalry is in very good shape here 61 days before the midterms.

Another lesson: Don’t believe the mainstream media. Of course, voters will vote against Biden’s authoritarian and dictatorial governmental socialism.

Mr. Biden took a booming economy without inflation and turned it into a state of hyperinflation in just over a year. His war on fossil fuels has pushed the prices of gasoline, oil, natural gas, and coal to sky-high levels — as do food prices on grocery shelves. He can’t even get proper infant formula on store shelves. He spent huge sums, raised taxes, and launched the largest regulatory attack on business we have ever seen. The real wages of workers have been steadily declining.

He’s not just obsessed with climate change, without offering any alternative alternative. He’s similarly crazy about scrapping all of Trump’s successful tax cuts that gave us the lowest poverty and highest family wages in 50 years.

He wants a battery-powered economy but will not allow people to extract the resources to develop it. His allies want to end gas-powered cars but are now telling electric car owners they can’t recharge their batteries. why? No electricity. why? Not enough fossil fuels.

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He has armed the Department of Justice and the FBI against his archenemy, Donald Trump. He lied about the miracle of Operation Warp Speed. He has stifled free speech, called parents ‘domestic terrorists’ and pressured social media to vaporize Hunter Biden laptop story. This story, by the way, could have changed the 2020 election.

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He lied about the success of the exit from Afghanistan in a big way. It lies around the open southern border, where millions of undocumented immigrants cross and the scourge of fentanyl that came with it.

Not only was his economic version of central planning a complete failure, he resorted to an authoritarian, dictatorial, divisive approach devoid of truth, but Americans are smarter than Biden believes. They will reject his perverted vision of America. That’s why I think the cavalry is in good shape as we enter the final round of roses.

This article is adapted from Larry Kudlow’s opening comment to the September 7, 2022 edition of Kudlow.

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