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LARRY: HELLO, FOLKS.
WELCOME TO "KUDLOW," I’M LARRY
KUDLOW.
SO PRESIDENT JOE BIDEN TODAY
UNVEILED HIS SO-CALLED EXECUTIVE
ACTIONS ON CLIMATE.
PRESIDENT BIDEN: CLIMATE CHANGE
IS LITERALLY EXISTENTIAL THREAT
TO OUR NATION AND TO THE WORLD.
WHEN IT COMES TO FIGHTING THE
CLIMATE CHANGE, CLIMATE CHANGE I
WILL NOT TAKE NO FOR AN ANSWER.
LARRY: EXISTENTIAL THREAT, MY
FOOT.
A WEEK AGO HERE WAS BIDEN’S
TEMPER TANTRUM AGAINST
JOE MANCHIN AND SUPREME COURT.
REMEMBER THIS?
I WILL QUOTE, IF THE SENATE WILL
NOT MOVE TO TACKLE THE CLIMATE
CRISIS AND STRENGTHEN OUR
DOMESTIC CLEAN ENERGY INDUSTRY I
WILL TAKE STRONG EXECUTIVE
ACTION TO MEET THIS MOMENT, END
QUOTE.
A WEEK EARLIER HE CRITICIZED THE
SUPREME COURT FOR DECIDING IN
FAVOR OF WEST VIRGINIA AND
AGAINST THE EPA.
AS YOU RECALL THE COURT SAID
GOVERNMENT REGULATORS DO NOT
HAVE ENHANCED POWER FOR
WIDE-REACHING ECONOMIC IMPACT
REGULATION UNLESS THE CONGRESS
EXPLICITLY GIVES IT TO THEM IN
THE FORM OF STATUTORY
LEGISLATION.
WELL, FOLKS, AGAINST ALL THAT
BIDEN BLARNEY WE HEARD, HIS
ANNOUNCEMENT TODAY WAS REALLY A
COMPLETE NOTHING BURGER.
IT WAS A BUN.
OF SMALL BEEPS SERVED IN TINY
CUPS THAT WILL BARELY BE
NOTICEABLE.
I’M RELABELING HIS SPEECH,
SUPREMES 10, BIDEN ZERO.
HE WOULDN’T TAKE THEM ON.
HE MAY THREATEN LATER.
HE MAY THROW MORE BIDEN BLARNEY
AND TEMPER TANTRUMS AT US.
SO FAR HE IS BEGINNING TO
REALIZE THAT THE SUPREME COURT
TOOK MUCH OF HIS RADICAL CLIMATE
ACTIONS AWAY FROM HIM.
HE IS STARTING TO FIGURE THAT
OUT.
THAT IS OKAY BY ME.
HE HAS ALREADY DONE ENOUGH
DAMAGE.
THINK ABOUT THIS.
YESTERDAY AFTER ALL WAS THE
ONE-YEAR ANNIVERSARY OF
MR. BIDEN’S PROCLAMATION THAT
THE 5.4% INFLATION RATE LAST
JULY WOULD BE TEMPORARY.
TAKE A LISTEN TO THIS ONE.
PRESIDENT BIDEN: OUR EXPERTS
BELIEVE AND THE DATA SHOWS THAT
MOST OF THE PRICE INCREASES
WE’VE SEEN ARE, WERE EXPECTED
AND, EXPECTED TO BE TEMPORARY.
LARRY: WHOOPS.
LAST READING FOR THIS JUNE WAS
9.1% CPI, ALMOST A DOUBLE FROM A
YEAR AGO.
IF THAT WEREN’T BAD ENOUGH, FOR
THE FIST BUMPER IN CHIEF WE ARE
AT THE VERY LEAST AT THE FRONT
END OF A RECESS.
LOOKS LIKE THE FIRST HALF OF
2022 WILL REGISTER A 1.6%
AVERAGE GDP DECLINE WITH ABOUT
AN 8 1/2% INFLATION RATE.
THAT IS WHY HE HAS A 28%
ECONOMIC APPROVAL RATING IN THE
LATEST "QUINNEPIAC POLL."
NOT TOO GOOD, HEY?
HERE IS A KEY POINT, ECONOMIC
DECLINE IN THE FIRST HALF OF
THIS YEAR HAS BEEN CAUSED BY
SKYROCKETING INFLATION.
IN NO SMALL MEASURE SELF-CAUSED
BY JOE BIDEN’S OBSESSION, FLEER
RELIGIOUS WAR AGAINST FOSSIL
FUELS.
ENERGY PRICES JUMPED WAY UP
BEFORE ANYBODY WAS THINK ABOUT
VLADMIR PUTIN INVADED UKRAINE
BUT ALL PRICES ARE ACROSS THE
BOARD, ENERGY GAS, NEW CARS,
USED CARS, HOUSING, SERVICES,
YOU NAME IT.
TOO MUCH FEDERAL SPENDING, TOO
MUCH MONEY PRINTING, TOO MUCH
WAR AGAINST FOSSIL FUEL, TOO
MANY REGULATIONS.
TOO MUCH GOVERNMENT SOCIALISM.
THE REASON THE ECONOMY IS
FALLING, INFLATION TAX CAUSED
REAL WORKER WAGES TO FALL,
RETAIL SALES TO FALL,
MANUFACTURING IS DECLINE AND
HOUSING IS TANKING.
INTEREST RATES HAVE GONE UP
QUITE A BIT ESPECIALLY IN THE
MORTGAGE MARKET.
THEY MAY BE NOT QUITE AT THE
HIGHS BUT IT HAS BEEN A TOUGH
FIRST HALF OF THE YEAR.
THIS IS THE BIDEN INFLATION ON
THE SLUMPING ECONOMY.
IT IS THE INFLATION IMPACT.
THE EFFECTS OF FEDERAL RESERVE
TIGHTEN HAVING YET TO BE FELT ON
THE ECONOMY.
THAT IS IN FRONT OF US.
SO THE GREAT NEWS THE SUPREME
COURT SEEMS TO HAVE SHACKLED
MR. BIDEN’S RADICAL CLIMATE
AGENDA.
THE BAD NEWS IS THE DAMAGE HAS
ALREADY BEEN DONE AND WILL
LINGER ON FOR QUITE SOME TIME.
NOW HERE IS ANOTHER THOUGHT, FOR
THE LIFE OF ME, I MEAN I’M GOING
TO BE VERY SINCERE HERE, FOR THE
LIFE OF ME I DO NOT UNDERSTAND
WHY THE REPUBLICAN PARTY, WHICH
IS LIKELY TO COME INTO POWER
AGAIN IN THE NOVEMBER ELECTIONS,
CONTINUES TO THROW IN WITH
DEMOCRATS AND SPEND, SPEND,
SPEND.
THEY GOT SUCKER-PUNCHED AGAIN
YESTERDAY WHEN 16 REPUBLICANS
VOTED FOR A MOTION TO PROCEED ON
A NIFTY LITTLE PIECE OF
CORPORATE WELFARE, INDUSTRIAL
PLANNING AND COMPLETELY
UNNECESSARY SEMICONDUCTOR CHIP
SUBSIDIES.
IT IS BAD ENOUGH THAT THAT WOULD
HAVE CAUSED BY ITSELF JUST THE
SUBSIDIES, $76 BILLION, OKAY,
THAT’S BAD ENOUGH.
REFUNDABLE TAX CREDIT INCLUDED
IN THERE WHICH IS REALLY MORE
GOVERNMENT CHECK WRITING TO CHIP
COMPANIES THAT DON’T HARDLY PAY
ANY SAKS TAXES THAT IS BAD
ENOUGH, TURNS OUT MR. CHUCK
SCHUMER LURED THE GOP INTO A
250 BILLION-DOLLAR TRAP WITH
SLUSH FUNDS FOR ENERGY, SLUSH
FUNDS FOR COMMERCE DEPARTMENT, A
DOUBLING OF THE NATIONAL SCIENCE
FOUNDATION AND A LAUNDRY LIST OF
ADDITIONAL SPENDING ITEMS THAT
AS YET NO ONE PRECISELY KNOWS
BUT, COMING OFF OF CAPITOL HILL
THE BALLPARK ESTIMATE IS
$250 BILLION.
250 BILLION.
16 REPUBLICAN VOTES IN THE
SENATE.
YOU MIGHT ASK WHAT ABOUT THE
PAY-FORS?
WELL, WILL YOU BE SHOCKED IF I
TELL YOU THERE ARE NONE?
SO THE INFLATIONARY FEDERAL
SPENDING CONTINUES BASICALLY ON
A BIPARTISAN BASIS.
I JUST FIND THIS INCREDIBLE.
THIS SEMICONDUCTOR INTEL
CORPORATION BAILOUT IS
COMPLETELY UNNECESSARY.
WE’RE GOING TO TALK MORE ABOUT
THAT A LITTLE BIT LATER IN THE
SHOW.
BUT MY QUESTION IS AT THE TOP,
DOES ANYBODY IN D.C. WANT TO
STOP SPENDING?
DOES ANYBODY IN D.C. WANT TO
CURB INFLATION?
DOES ANYBODY CARE THAT WORKING
FOLKS ARE SUFFERING MIGHTILY
BECAUSE OF WASHINGTON’S FISCAL
EXTRAVAGANCE?
RIGHT NOW THE ANSWER SEEMS TO BE
NO, NO, AND NO.
I’LL TELL YOU, FOLKS, YOU KNOW
ME, I LIKE TO BE OPTIMISTIC,
THERE IS A WAY OUT OF THIS MESS.
FREEZE DOMESTIC SPENDING.
MAKE THE TRUMP TAX CUTS
PERMANENT.
CALL OFF THE DOGS IN THE WAR
AGAINST FOSSIL FUELS.
STOP THIS REGULATORY SOCIALISM.
AND MAKE SURE THAT THE RISE IN
KING DOLLAR REMAINS RISING.
IN FACT WHAT RONALD REAGAN DID
40 YEARS AGO WHEN I WAS A MERE
CHILD AND WORKED FOR HIM IN HIS
OFFICE OF MANAGEMENT AND BUDGET,
THE REAGAN ANTI-INFLATION PLAN
WAS, KING DOLLAR AND TAX CUTS.
SOMETIMES CALLED TIGHT MONEY AND
TAX CUTS.
WE’LL HAVE ART LAFFER ON TO TALK
MORE ABOUT THOSE GLORIOUS REAGAN
IDEAS WHICH SEEM TO BE
FORGOTTEN.
THE RIGHT NOW THE CAVALRY IS