FOR TAPERING IN NOVEMBER.
♪.
LARRY: HELLO, EVERYONE, WELCOME
TO "KUDLOW," I’M LARRY KUDLOW.
I HAVE A POTPOURRI OF POINTS FOR
YOU THIS MORNING.
FIRST OFF WE’LL REVISIT THE
CHINA STORY WHERE XI XINPING IS
MORPHING IN MAO TSE-TUNG,
CRACKING DOWN ON ALL CHINESE
BUSINESSES, REJECTING 40 YEARS
OF MARKET REFORMS IN FAVOR OF
PURE SOCIALISM.
IT’S A BLOCKBUSTER STORY AND I’M
GOING TO TALK LATER WITH FORMER
DEPUTY NATIONAL SECURITY ADVISOR
MATT POT TINKER, WHAT IT MEANS
TO HAVE A GOVERNMENT CONTROLLED
SOCIALIST ECONOMY RUN ABSOLUTELY
BY A TOTALITARIAN REGIME AND HOW
U.S. INVESTMENT FLOWS SHOULD BE
CURBED NOT ONLY FOR AMERICAN
INVESTOR PROTECTION BUT IN ORDER
TO STOP FUNDING CHINA’S MILITARY
BUILDUP.
BY THE WAY THE U.S. SHOULD NOT
TRY TO OUT CHINA CHINA BY
REGULATING EVERY PART OF THE
ECONOMY AND THROWING SUBSIDIES
AT FAVORED INDUSTRIES.
JUST BECAUSE CHINA WILL
SYSTEMATICALLY DAMAGE THEIR
ECONOMY DOESN’T MEAN WE SHOULD
FOLLOW SUIT, THAT INCLUDES
RAISING TAXES TO TAX RATES ABOVE
CHINA’S.
WE DON’T WANT TO HELP THEM IN
THEIR SOCIALISTIC ENDEAVORS.
THEN WE HAVE PRESIDENT BIDEN AT
THE U.N. YESTERDAY, BLATHERING
ON ABOUT THE U.S. REBUILDING
ALLIANCES AROUND THE WORLD WITH
RELENTLESS DIPLOMACY AND FEELTY
TO MULTILATERAL ORGANIZATIONS
LIKE THE CHINESE DOMINATED WORLD
HELLO ORGANIZATION AND THE U.N.,
ESPECIALLY THE U.N. HUMAN RIGHTS
COMMISSION WHICH I’M SURE WILL
WELCOME THE TALIBAN THIS OPEN
ARMS TO TAKE THE PLACE WITH
CHINA, RUSSIA, BEACONS OF
DEMOCRACY.
HE EXPECT AS RELATIONSHIP WITH
THE PEACE LOVING TALIBAN 2.0, BY
THE WAY JUST BANNED GIRLS FROM
GOING TO SCHOOL.
OF COURSE MR. BIDEN NEVER
REFERREDDED TO THE FACT HE
WITHDRAW FROM AFGHANISTAN AND
BAGRAM AIRPORT ONE NIGHT WITHOUT
TELLING ANY OF BRITAIN, FRANCE,
OUR NATO ALLIES.
WHO HAD 8,000 TROOPS IN
AFGHANISTAN.
TEAM BIDEN CONTINUES THE ARE
LONGING FOR IRAN PEACE DEAL
DESPITE THE FACT THAT MULLAHS
ARE ENRICHING URANIUM AND
BUILDING NEW MISSILES ON A DAILY
BASIS.
FRESH OFF HIS U.N. TRIUMPH THE
PRESIDENT MET IN THE OVAL WITH
PRIME MINISTER BORIS JOHNSON,
WHO WAS WILLING TO TAKE
QUESTIONS FROM THE BRITISH
PRESS, WHICH BY THE WAY IS
LETHAL AND MR. BIDEN REFUSED TO
TAKE QUESTIONS FROM THE AMERICAN
PRESS.
IT USED TO BE A BUNCH OF
PRO-BIDEN PUSSYCATS MAYBE NOW
LEARNING HOW THE BRITS DO IT.
IN ANY CASE BIDEN’S HANDLERS
KICKED ALL THE MEDIA OUT OF OVAL
OFFICE.
NOT FABULOUS FOR AMERICA’S
INTERNATIONAL STANDING.
DESPITE ALL THIS EQUITY SHARES
REBOUNDED TODAY BY I THINK
AROUND 400 POINTS AT THE CLOSE,
SOME SUCH THING.
THERE IS NO LEHMAN-LIKE
FINANCIAL CRASH IN CHINA AND JAY
POWELL AT THE FED, KIND OF, SORT
OF, ANNOUNCED A PULLBACK IN BOND
PURCHASES BUT KIND OF DIDN’T
ANNOUNCE IT EITHER.
YOU KNOW, PROBABLY THE FED WON’T
RAISE ITS INTEREST RATE TARGET
IN MY LIFETIME.
STOCKS LOVE FREE MONEY.
AT LEAST SOMEONE DOES.
THEN FINALLY WE GET BACK TO THE
STRANGE GOINGS ON IN THE U.S.
CONGRESS REGARDING MASSIVE
SPENDING, TAXING,
INFRASTRUCTURE, CONTINUING
RESOLUTIONS AND DEBT CEILINGS.
AND TO BE HONEST REALLY NOBODY
KNOWS WHAT’S GOING ON OR WHAT’S
GOING TO HAPPEN.
THAT IS WHY WE HAVE SENATOR ROB
PORTMAN COMING IN JUST A MOMENT
OR TWO TO HELP US OUT.
I WILL NOTE THAT THE PELOSI
DEMOCRATS PASSED A BILL
COMBINING A DEBT LIMIT
SUSPENSION AND A CONTINUING
RESOLUTION.
IN THAT CONTINUING RESOLUTION,
THE HAMAS CAUCUS OF THE FAR LEFT
PROGRESSIVES CRAZIES IN THE
DEMOCRATIC PARTY, THEY MADE SURE
TO GET A BILLION DOLLARS CUT
FROM ISRAEL’S IRON DOME
ASSISTANCE WHICH IS THERE
BECAUSE A, THEY ARE OUR GREATEST
ALLY, AND B, A DEFENSIVE MOVE TO
PROTECT THE ISRAELI PEOPLE.
ALSO, INSTEAD OF TARGETING A NEW
HIGHER DEBT NUMBER, WHICH WOULD
THEN FORCE THE DEMOCRATS TO OWN
THEIR RECKLESS SPENDING PLANS,
THEY JUST DECIDED TO SUSPEND THE
LIMIT UNTIL AFTER NEXT YEAR’S
MIDTERM ELECTIONS.
HOW ABOUT THAT?
BUT MITCH McCONNELL WILL
APPARENTLY HAVE NONE OF IT.
AND THAT’S A GOOD THING.
INCIDENTALLY SPEAKER PELOSI
APPARENTLY DECREED THAT THE
SENATE WILL DETERMINE THE
SPENDING TOP LINE ON THE
RECONCILIATION BILL WHICH IF
TRUE IS A CONCESSION.
NOW IF I DIDN’T KNOW BETTER, I
WOULD SAY WE OF THE SAVE AMERICA
COALITION THAT WANTS TO KILL THE
BILL, WE MAY HAVE MISPELOSI AND
HER PALS ON THE RUN BECAUSE IT
IS SUCH AN UNPOPULAR BILL.
FINALLY THE HIGHLY REGARDED TAX
FOUNDATION HAS PRICED OUT THE
BUILD BACK BETTER ACT, AT LEAST
THE HOUSE VERSION WITH THE WAYS
AND MEANS COMMITTEE MARK ON TAX
HIKES.
NOW, THE TAX FOUNDATION
ESTIMATES THAT LONG-RUN GDP WILL
FALL BY 1%, WORKER WAGES WILL
DROP BY 2/3 OF A PERCENT, AND
FULL-TIME JOBS WILL DECLINE BY
OVER 300,000.
MEANWHILE THE NET REVENUE IMPACT
WILL BE ONLY 1.06 TRILLION ONLY.
SO LET ME GET THIS RIGHT.
BUILD BACK BETTER BROUGHT TO YOU
BY BIDEN, PELOSI AND SCHUMER
WILL REDUCE GROWTH, LOSE JOBS,
AND DROP WAGES.
MEANWHILE THE PLAN WILL BE AT
LEAST TWO TRILLION DOLLARS SHORT
OF THE SO-CALLED PAY-FORS.
REALLY DOESN’T SOUND LIKE SUCH A
GREAT DEAL, DOES IT?
I THINK JOE MANCHIN IS RIGHT.
PAUSE THE BILL UNTIL NEXT YEAR
WHICH IS EFFECTIVELY KILLING THE
BILL.
DID SOMEONE SAY SAVE AMERICA
KILL THE BILL?
YEAH, I DID.