"KUDLOW" IS NEXT.
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LARRY: HELLO, FOLKS WELCOME TO
"KUDLOW," I’M LARRY KUDLOW.
ALL RIGHT, BREAKING NEWS OF THE
WORST KIND THIS EVENING.
THE ATLANTA FED’S GDP TRACKER
POSTED A MINUS 1% FOR THE
SECOND QUARTER.
THAT AFTER YESTERDAY’S MINUS
1.6% DOWNWARD REVISION FOR Q1.
WE’RE NOW LOOKING AT A RECESSION
IN THE FIRST HALF OF THE YEAR
AND A ACCOMPANIED BY ROUGHLY
EIGHT TO 10% INFLATION.
THIS IS REALLY THE WORST
POSSIBLE COMBINATION.
TODAY’S PERSONAL INCOME AND
SPENDING REPORT SHOWED A DROP IN
CONSUMER SPENDING IN MAY AND
REAL DISPOSABLE INCOME WHICH IS
TOTAL INCOME AFTER TAXES, AFTER
INFLATION, THAT HAS FALLEN 3.3%
OVER THE PAST YEAR.
WHEN JOE BIDEN CAME INTO OFFICE
HE WAS HANDED A TRUMPIAN ECONOMY
THAT SCORED 6 1/2% GROWTH WITH
LESS THAN 2% INFLATION.
IN JUST 18 MONTHS BIDEN’S BIG
GOVERNMENT SOCIALIST ECONOMIC
POLICIES HAVE DECIMATE AD
NEAR-PERFECT AMERICAN ECONOMY.
IT’S A TRAGEDY.
NOW A KEY BIDEN POLICY THAT HAS
PULLED DOWN THE ECONOMY IS HIS
STUBBORN OVERREGULATION OF
ENERGY IN PARTICULAR AND
BUSINESS IN GENERAL.
RADICAL CLIMATE CHANGE, THE GREE
NEW DEAL, AND BIDEN’S INSISTENCE
HE WILL END FOSSIL FUELS, THAT
STALLED PRODUCTION AND RAISED
PRICES.
THE CAVALRY IS ON THE WAY
INDEED.
SOME OF THE CAVALRY EARLY
SQUARDRONS OR ALREADY LANDED.
TODAY THE SUPREME COURT DEALT A
MAJOR BLOW TO UNELECTED
BUREAUCRATIC DEEP STATE
REGULATORS, ESPECIALLY ENERGY
REGULATORS, MOST PARTICULARLY
THE EPA THE COURT DECIDED IN
FAVOR OF WEST VIRGINIA IN THE
DISPUTE OVER THE CLEAN POWER
PLAN AND DECLARED THAT THE EPA
HAS NO AUTHORITY TO REGULATE
GREENHOUSE GASES.
LET ME PUT THIS EVEN MORE
BLUNTLY.
THERE IS NO GREEN NEW DEAL
WITHOUT EXPLICIT STATUTORY
AUTHORIZATION FROM CONGRESS.
IN OTHER WORDS, THE VOTERS ELECT
CONGRESS AND THE CONGRESS MAKES
THE LAWS BUT UNELECTED
BUREAUCRATS CANNOT.
THIS IS A HUGE DECISION BY THE
SUPREMES.
FOR ONE, BIDEN’S PROPOSED 32%
CUT IN CARBON EMISSIONS BY 2030,
WHICH IS ONLY A FEW YEARS AWAY
FROM NOW IS OFF THE BOOKS.
FOR ANOTHER, BIDEN’S CARBON-FREE
ELECTRICITY BY 2035, THAT IS OFF
THE BOOKS ALSO.
THE SELF-EXALTED POWER GRABBING,
GREEN NEW DEAL INFESTED BIDEN
EPA JUST GOT ITS WINGS CLIPPED.
IT MAY HAVE ITS EARS CUT OFF.
MAYBE THEY WILL BE LEFT WITH A
NOSE FOR BREATHING PURPOSES.
THAT IS ABOUT ALL.
THE EXECUTIVE BRANCH CANNOT TAKE
MATTERS INTO THEIR OWN HANDS.
THE PRINCIPLE TAKEN BY THE COURT
IS THE MAJOR QUESTIONS DOCTRINE
T MEANS REGULATORY RULES THAT
AFFECT THE ENTIRE ECONOMY CANNOT
PROCEED WITHOUT CLEAR
CONGRESSIONAL LAWS.
ALSO THE PRINCIPLE OF FEDERALISM
WAS UPHELD AGAIN BY THE COURT.
IT IS THE STATES WHO ARE
EMPOWERED TO MAKE POWER AND
ENERGY DECISIONS IN THE ABSENCE
OF ANY CLEAR FEDERAL LEGISLATION
AND CONSTITUTIONALLY THAT IS
EXACTLY HOW IT OUGHT TO BE.
BY THE BY THIS
CONSTITUTIONALLY-BACKED POWER OF
FEDERALISM IS THE SAME DOCTRINE
USED BY THE SUPREMES WHEN THEY
MOVED ROE V. WADE ABORTION
DECISIONS BACK TO THE STATES AND
THEIR LEGISLATURES AND THE
VOTERS WHO ELECTED THE
LEGISLATURES.
IMPORTANTLY THIS DECISION BY THE
COURT EXTENDS WELL BEYOND THE
EPA.
THIS PUTS ALL FEDERAL REGULATORY
AGENCIES ON SHORT LEASH NOTICE.
FOR EXAMPLE, THE SEC HAS NO
AUTHORITY TO ESTABLISH
ENVIRONMENTAL RULES FOR LARGE
COMPANIES, NO LAW, NOT THEIR
MISSION.
SIMILARLY THE OSHA
ADMINISTRATION HAD EXCEEDED ITS
AUTHORITY ON MANDATING COVID-19
VACCINATIONS IN A COURT RULING
LAST JANUARY.
THE HHS CANNOT USE POWER TO
REGULATE PUBLIC HEALTH IN ORDER
TO MAKE LABOR OR CORPORATE OR
EVEN ENVIRONMENTAL DECISIONS.
THE SUPREMES TODAY RESTORED
REPRESENTATIVE AND
CONSTITUTIONAL GOVERNMENT.
AS I SAID THE EARLIEST
SQUARDRONS OF THE CAVALRY HAVE
LANDED BLOCK BY BLOCK, THEY’RE
TAKING BACK THE COUNTRY IN A
NOBLE EFFORT TO RESTORE LIFE,
LIBERTY AND PURSUIT OF HAPPINESS
ON THE JULY 4TH WEEKEND.
ALL IS NOT YET WON, FOLKS BUT IN
THE LAST WEEK OR SEW, LAST WEEK
OR SO WE’VE SEEN VERY STRONG