WEEK IF YOU ARE A BULL.
"KUDLOW" IS NEXT.
LARRY: WELCOME TO "KUDLOW," I’M
LARRY KUDLOW.
YESTERDAY PRESIDENT BIDEN GAVE A
SPEECH ABOUT ECONOMIC SECURITY
FOR AMERICA.
LET’S TAKE A LOOK AT THIS.
MR. BRIDEN IS BRAGGING ABOUT JOB
CREATION.
TROUBLE IS, THESE ARE NOT NEW
JOBS.
THEY ARE PEOPLE RETURNING TO
WORK AFTER THE PANDEMIC.
IF THE PRE-PANDEMIC TRUMP TREND
HAD BEEN IN PLACE WE WOULD BE
PLUS 6 MILLION OR MORE NEWLY
CREATED JOBS, NOT JUST BREAKING
EVEN POST COVID.
AND JOBS AREN’T PAYING.
TODAY, FOR EXAMPLE, PRODUCTION
WORKER WAGES INCREASED 5.8% OVER
THE LAST YEAR WHICH IS NORMALLY
A VERY STRONG GAIN.
THE INNATION RATE IS OVER 8%.
SO REAL WAGES FELL FOR THE
18th STRAIGHT MONTH.
THAT’S THE SOFT UNDER BELLY OF
THE BIDEN ECONOMY.
HIGH INFLATION FROM EXCESS
FEDERAL SPENDING AND MONEY
PRINTING AND THE WAR AGAINST
FOSSIL FUELS IS KILLING THE
ECONOMY.
MR. BIDEN INHERITED A ECONOMIC BOOM FROM HIS PREDECESSOR AND HE
BOOM FROM HIS PREDECESSOR AND HE
HAS TURNED THAT BOOM INTO A
INFLATIONARY BUST.
THAT’S NOT ECONOMIC SECURITY.
TO BE MARKETS ARE FALLING.
INTEREST RATES ARE RISING.
HOUSING IN A DEEP RECESSION.
THEN THERE IS THE ENERGY FIASCO.
MR. BIDEN ESSENTIALLY STOPPED
PERMITTING AND NEW TRACKING AND
PIPELINES.
SO OIL PRICES STILL HOVERING
AROUND $100 A BARREL.
AND AFTER A BRIEF RESPITE, GAS
AT THE PUMP IS MOVING UP AGAIN.
THE GREEN POLICIES SAY IT’S OKAY
TO DRILL, PRODUCE OIL AND GAS
ANYWHERE AROUND THE WORLD EXCEPT
THE UNITED STATES.
IF YOU THINK THAT’S AN ODD
POLICY, YOU WOULD BE RIGHT.
IF YOU THINK THAT’S A STUPID
POLICY YOU WOULD AUTO BE RIGHT.
FIRST, WE WENT HAT IN HAND TO
SAUDI ARABIA AND THAT DIDN’T
WORK OUT SO WELL.
HE’S STILL TRYING TO GET AN
AGREEMENT WITH IRAN THAT WOULD
INCLUDE UNLOCKING THEIR OIL.
JUST TO MAKE SURE THERE IS NO
ONSHORING OF AMERICAN ENERGY
PRODUCTION. THE BIDENS ARE SEEKING A
THE BIDENS ARE SEEKING A COMPLETE LOCK ONION LOCK ON -- A
COMPLETE LOCK ONION LOCK ON -- A
ON ONSHORE DRILLING.
IT CO-WOULD CHOKE OFF ENERGY
SUPPLIES TO OUR ALLIES OVERSEAS
AT THE TIME OF THEIR GREATEST
NEED.
AND ELECTION-YEAR OIL SELLING TO
EFFECTUATE PRICE FIXING AT THE
PUMP HAS TAKEN OUT ABOUT HALF OF
THE PETROLEUM RESERVES.
IT WAS SET UP YEARS AGO AFTER AN
OIL EMBARGO THAT DEVASTATED THE
AMERICAN ECONOMY.
SIDING WITH RUSSIA AND POKING A
SHARP STICK IN BIDEN’S EYE, YOU
CAN’T RULE OUT AN EMBARGO.
DID SOMEONE SAY ECONOMIC
SECURITY, NATIONAL SECURITY?
WE JUST HIT $31 TRILLION IN
FEDERAL DEBT WHICH COMES TO 125%
OF GDP.
THE EXPANSION ACT HAS BEEN
UPGRADE BY AN EVEN LIST TO A
POTENTIAL $8.
>> 0 BILLION.
-- $800 BILLION.
AND THE STUDENT LOAN ESTIMATES
HAS BEEN RAISED TO $1 TRILLION
BY EXPERTS.
AS A SUPPLY SIDER I NEVER WORRIED SO MUCH ABOUT DEBT
WORRIED SO MUCH ABOUT DEBT
BECAUSE I KNEW SUPPLY SIDES
WOULD PRODUCE ENOUGH REVENUES.
IT’S HARD TO QUANTIFY THIS
ECONOMIC IMPACT BUT I’LL
GENERALIZE.
IT CAN’T BE GOOD.
DID SOMEONE SAY ENERGY SECURITY,
NATIONAL SECURITY?
DID SOMEONE SAY STUPID?