ELIZABETH: JEFF FLOCK, GREAT
REPORTING.
LOOK WHO IS BACK WITH US NOW,
HOST OF "KUDLOW" ON FOX
BUSINESS, LARRY KUDLOW.
WE LOVE HAVING YOU ON, LARRY.
SO GREAT TO SEE YOU.
LARRY, HOW WORRY ARE BUT THE
RAILROAD STRIKE?
LOOKS LIKE IT COULD HAPPEN.
COULD HIT THE ECONOMY AND
MIDTERMS HARD.
>> I AGREE WITH THAT, LIZ.
THINGS ARE IN VERY POOR ECONOMIC
SHAPE RIGHT NOW BETWEEN
INFLATION AND RECESSION.
IF THEY GO OUT ON STRIKE IT IS
GOING TO MAKE EVERYTHING WORSE,
ALL RIGHT?
SUPPLY SHORTAGES WILL REAPPEAR.
PRICES ARE GOING TO GO UP.
PEOPLE ARE GOING TO GET LAID
OFF.
IT IS NOT A GOOD STORY.
NOTHING HERE IS A GOOD STORY I
MUST SAY IN GENERAL BUT, THIS
WILL MAKE IT WORSE.
ELIZABETH: HOW CONFIDENT ARE YOU
THAT THE WHITE HOUSE CAN FIX IT
AND CONGRESS CAN DO ANYTHING?
YOU LOOK AT THE DATA COMING IN,
LARRY, THE TRUCKING ASSOCIATION
IS NOW SAYING THEY WILL NEED
460,000 LONG HAUL TRUCKS RUNNING
DAILY IF THIS HAPPENS.
WE HAVE A SHORTAGE OF 80,000
TRUCKERS?
>> WELL THAT’S RIGHT.
I MEAN YOU’RE WAY SHORT ON THE
TRUCKERS.
TRUCKING BY THE WAY I THINK
CARRIES SOMETHING LIKE 75% OF
ALL THE GOODS THAT FLOW INSIDE
OF THE UNITED STATES.
AND THEY’RE NOT GOING TO BE ABLE
TO PICK UP THE SLACK IF THE
RAILROADS, IF THE FREIGHTS GO
OUT OF BUSINESS OR IF THEY GO ON
STRIKE OR FOR HOW LONG.
I DON’T THINK THE WHITE HOUSE,
THERE IS NOTHING THEY CAN DO TO
BE HONEST WITH YOU, IT IS AN ODD
STORY BECAUSE WAGES HAVE BEEN
RISING ALMOST TOO MUCH IN SOME
CASES BUT I’M HAPPY WITH HIGHER
WAGES AS LONG AS THERE IS
PRODUCTIVITY.
BUT MY POINT IS, POLITICALLY,
YOU KNOW, THEY HAVE INVOKED THE
TAFT HARLEY INJUNCTION.
THAT RUNS OUT FRIDAY AS YOU
KNOW.
I DON’T KNOW WHAT THEY EXPECT TO
DO.
THEY SHOULD BE SITTING DOWN, I
MEAN IF YOU HAD A FUNCTIONING
TRANSPORTATION SECRETARY, FOR
EXAMPLE, WHO DOESN’T SIT AROUND
BAD-MOUTHING FOSSIL FUELS EVERY
CHANCE HE GETS MAYBE HE COULD
SIT DOWN AND TALK SOME SENSE.
THE PRESIDENT HIMSELF PROBABLY
IS GOING TO HAVE TO GET
INVOLVED.
WILL HE GET INVOLVED PERSONALLY?
I DON’T KNOW THE ANSWER TO THAT.
ELIZABETH: YOU KNOW, THIS COMES,
LARRY, THAT TONE DEAF
WHITE HOUSE PARTY WITH, THOSE
ARE GOVERNMENT WORKERS
CELEBRATING THE DEMOCRATS
INFLATION REDUCTION ACT.
OF COURSE, LARRY THERE WAS NO
MENTION INFLATION IS
ACCELERATING GETTING ENTRENCHED.
THIS IS HAPPENING RIGHT AS THE
DOW WAS TANKING.
YOU KNOW, LARRY, WE LOOKED AT
THE PRESIDENT’S NEW ECONOMIC
BLUEPRINT.
GUESS WHAT IS MISSING?
FIGHTING OVER ALL INFLATION,
FIGHTING INFLATION IN THE FIVE
PILLARS.
FIGHTING DRUG COSTS.
IS HE TONE DEAF IS THIS PROBABLY
THE WORST WHITE HOUSE WE COULD
HAVE AT THIS POINT IN TIME WHEN
IT COMES TO THE ECONOMY AND
INFLATION?
>> I WOULD SAY TO YOU, LIZ, YES.
PEOPLE CAN SAY LOOK I’M A TRUMP
GUY I AM GOING TO SAY THAT.
NO, I’M SAYING THEY HAVE
MISHANDLED EVERYTHING.
POLITICALLY THEY WERE TONE DEAF.
THAT WAS HORRIBLE SO-CALLED
CELEBRATION YESTERDAY AFTER
TERRIBLE INFLATION REPORT.
I MEAN, LOOK, BIDEN TODAY, LIZ,
SAID, THAT HE, HE INHERITED A
CRISIS AND HE IS CREATED A
RESURGENCE.
HE JUST SAID THAT.
I THINK HE WAS IN DETROIT.
YOU KNOW WHAT?
IT IS EXACTLY THE REVERSE.
HE INHERITED A RESURGENCE, THE
ECONOMY WAS GROWING 6 1/2% WITH
VIRTUALLY NO INFLATION AND HE
HAS TURNED IT IN A
YEAR-AND-A-HALF INTO A CRISIS.
WE HAVE INFLATION, WE HAVE
RECESSION, WE’RE GOING TO HAVE
TO HAVE TIGHTER AND TIGHTER
MONEY.
WASHINGTON AND THE BIDENS AND
SCHUMER AND SO FORTH CONTINUE TO
SPEND WITH THIS RECENT
LEGISLATION, MAYA MCGUINESS, THE
COMMITTEE FOR A RESPONSIBLE
FEDERAL BUDGET PUT OUT A NOTE
LAST NIGHT, THEY HAVE CREATED
$5 TRILLION IN ADDITIONAL
DEFICITS, 2 1/2 TRILLION SOME
ODD JUST IN THIS YEAR ALONE.
THIS IS A SPENDING PROBLEM.
STOP THE SPENDING.
>> YOU KNOW IF YOU RANKED IT
WOULD BE, I THINK AS BIG AS
GERMANY OR JAPAN.
IT WOULD STAND ALONE AS ITS OWN
ECONOMY THE AMOUNT OF SPENDING
WE ADDED, LARRY.
THE ISSUE TOO IS LIKE, WE DID,
HE DID INHERIT A V-SHAPED
RECOVERY.
NOW HE IS SAYING HE CREATED
10 MILLION JOBS.
HE DIDN’T.
BECAUSE THE ECONOMY OPENED UP
AFTER THE PANDEMIC LOCKDOWNS
THAT DEMOCRATS PUSHED.
HE IS CLAIMING THEY’RE LOWERING
THE DEFICIT.
NO, IT IS BECAUSE PANDEMIC
SPENDING PROGRAMS ARE GOING AWAY
AND TAX REVENUES ARE GOING IN.
LARRY, LISTEN TO WHAT THE
PRESIDENT WAS ALSO SAYING
YESTERDAY.
WATCH THIS PRESIDENT.
PRESIDENT BIDEN: WHAT A GREAT
DAY.
EXACTLY FOUR WEEKS AGO I SIGNED
INFLATION REDUCTION ACT, SINGLE
MOST IMPORTANT LEGISLATION
PASSED IN THE CONGRESS TO FIGHT
INFLATION AND ONE OF THE MOST
SIGNIFICANT LAWS IN OUR HISTORY.
HOW LONG HAVE WE BEEN TAKING ON
INTERESTS, BY THE TIME I GOT TO
THE SENATE20 YEARS AGO.
[LAUGHTER].
I’M SERIOUS.
-- 720.
I DON’T WANT TO HEAR IT ANYMORE
ABOUT BIG SPENDING DEMOCRATS.
>> HE GOT TO THE SENATE 720
YEARS AGO.
I DON’T KNOW WHAT HE MEANT BY
THAT LET’S BACK UP.
CBO, WHAT WAS THAT?
HE HAS BEEN AROUND SINCE NIXON.
MAYBE FEELS LIKE 720 YEARS FOR
EVERYBODY ELSE.
CBO, MOODY’S ANALYTICS UPENN
WHARTON, RIGHT?
230 ECONOMISTS JPMORGAN CHASE
SAYS IT DOES NOTHING TO CUT
INFLATION.
PEOPLE ARE GETTING SICK AND
TIRED OF THE TOPSPIN HERE.
>> YOU KNOW, LOOK IT, THIS IS
GOING TO BE AND INFLATION
ELECTION.
ELIZABETH: THEY SAY, BUT THEY
SAY IT IS AN ABORTION ELECTION.
THEY SAY ABORTION WILL DRIVE OUT
VOTERS.
>> WELL YOU KNOW THE POLLS I’M
LOOKING AT, 35%, NUMBER ONE
ISSUE, INFLATION/ECONOMY.
ABORTION DOWN AROUND 7 OR 8% AND
CLIMATE CHANGE, LIZ, ABOUT 2%.
SO HE IS NOT SELLING THIS AND
IT’S NOT GOING TO SUCCEED AND
ORDINARY WORKING FOLKS ARE
LOSING MONEY EVERY SINGLE MONTH.
17 CONSECUTIVE MONTHS, REAL
WEEKLY WAGES HAVE FALLEN.
THIS IS A TERRIBLE SITUATION AND
UNFORTUNATELY, EVEN THOUGH I
ALWAYS AM OPTIMISTIC LONG-TERM I
THINK THE CAVALRY IS COMING, I
THINK THE CONGRESS IS GOING TO
CHANGE, NONETHELESS, WE’VE DUG A
DEEP DITCH HERE AROUND IT IS NOT
GOING TO BE EASY TO GET OUT OF