Kudlow: We’re the only nation that has the decreased our fossil fuels
‘Kudlow’ host discusses shares his thoughts on Biden’s economic agenda.
Save America, kill the bill. That's my opening thought this evening.
After listening to Joe Manchin at the WSJ CEO Council Summit yesterday, I believe more than ever the bill is going to be paused, and paused, and then killed next year.
In just a moment, we're going to turn to foreign policy expert Senator Lindsey Graham and talk about the Russian crisis. So many unanswered questions and global risks involved with that story.
But on the fiscal front, Joe Manchin essentially blitzed the big government socialist so-called "Triple B" spending bill, which gives me hope beyond hope. Some of the key points he made yesterday:
'You want me to go back to West Virginia and say boys, if you can just stay unemployed for a little longer you'll get a raise? None of this makes sense to me.'
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On inflation, he said: "Seventeen Nobel laureates were wrong."
"The Fed has dropped transitory"…
"I want a strategic pause for spending and money creation."
"There are huge changes in our tax structures, social services, and energy. If we get any of those wrong, we're in trouble."
The West Virginian does not want universal health care, on climate he said we're the only nation that has decreased our fossil fuel use – that is, by the way, a point that I keep making – to grow the economy. We need more not less energy of all kinds. He criticized Jay Powell on QE [quantitative easing] saying, "He never took his foot off the pedal." And he thinks QE should end right now.
By the way, the latest WSJ poll shows inflation is the number one problem in America today, and voters blame Joe Biden.
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On inflationary spending, he said, "We've spent $5.4 trillion out the door, we have another 1.2 with the infrastructure bill." And I said 5.4 – I couldn't get my head around 5.4. So I said give me something to compare it to – World War II.
We saved the world, then you had the Marshall Plan rebuild Europe, in today's dollars that would be $4.7 trillion.
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So winning World War II and the Marshall Plan to rebuild all of Europe combined is cheaper than what Congress proposes to spend.
He also said we've got to have border security: "The warning lights are up for a Democratic shellacking next year."
And he doesn't care if he upsets progressives, saying, "This is not the best job I've ever had… I'm not going to sell my soul for this. Don't be afraid to get defeated."
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He also talked about leaving the Democratic Party: "If they would ask me to leave, I would just have to say I guess I'll abide by your wishes."
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We'll talk more about Mr. Manchin's views later in the show, but I would ask you folks out there to process his statements from yesterday and think. Is he for the monstrosity tax and spend and regulate and woke and socialism bill? Or is he against it? I'm taking the under – he's against it.
So things are looking good. Save America, kill the bill, save Joe Manchin, and stop Putin.
This article is adapted from Larry Kudlow's opening commentary on the December 8, 2021 edition of "Kudlow."
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