Kudlow: Biden blames Trump for everything under the sun

Kudlow: Biden continues his reckless spending agenda

‘Kudlow’ host discusses how President Biden is working to reverse former President Trump’s economic victories.

Did you know that more Americans have died of COVID in 2021 than in all of 2020? Tragic. But those are the facts.

Did you know that Joe Biden called Donald Trump every name in the book when the former president put in a travel ban for China and Europe? Every name in the book.

Now, however, Mr. Biden himself is utilizing a travel ban on southern Africa. What goes around, comes around.

Did you also know that the inflation rate under Joe Biden started to rise last March and is presently 7.6% at an annual rate through October? During that period, real GDP increased 4.4% SAAR. In President Trump's last year, or his last three quarters of the V-shaped recovery, GDP growth was 14.9% SAAR. And the CPI inflation was 2.8%.

So, just at this point, even while Mr. Biden blames Trump for everything under the sun, Trump had higher growth and lower inflation. Uncle Joe has lower growth and much higher inflation.

REPUBLICANS ARE PUTTING DEMS ON NOTICE WHEN IT COMES TO THE INSANE GAS PRICES

Millennials, Gen Z feeling the pain of runaway inflation

Independent Women’s Forum senior policy analyst Carrie Sheffield discusses the impact of rising inflation on ‘Making Money.’

And the real inflation began in March and April, just about the same time the Bidens pushed a $2 trillion relief package into public hands, which, by the way, was a deterrent to work.

And that deterrent itself was a big reason for the pandemic supply chain bottlenecks. So were rigid union rules. So were bad regulations in the West Coast ports and equally bad regulations on the trucking industry.

We'll talk more about this with Art Laffer later in the show.

POWELL ADMITS FED GOT IT WRONG ON INFLATION, WON’T PUSH ‘TRANSITORY NARRATIVE’

But I'm going to argue upfront that President Trump's economic performance during the pandemic, his V-shaped recovery, was a better performance than Mr. Biden's with his $2 trillion spending spree, and more reckless spending to come.

Also, Mr. Trump had much lower inflation, proving that you can have strong growth with lower inflation, provided that fiscal and monetary policies are cautious and balanced.

And by the way, this was Donald Trump's second recovery, because his first boom occurred after the historic tax cuts of 2017.

Charles Payne illustrates the ‘insidious relationship’ between prices and wages

‘Making Money’ host and Bahnsen Group managing partner David Bahnsen discuss the consequences of excessive monetary policy.

HOUSE DEMOCRATS’ EXPRESS CAUTIOUS OPTIMISM ON INFLATION AS THEY PURSUE GREATER SPENDING BEFORE MIDTERMS 

One more fact, stay with me folks.

Under President Trump's energy independence policies of total deregulation of the fossil fuel industries, America was producing a record 13 million-plus barrels per day just on the cusp of the pandemic. During the pandemic storm, the number dropped to 11 million barrels per day, where unfortunately is where it sits today.

BIDEN CANCELS ADDRESS ON THE SUPPLY CHAIN CRISIS AT THE LAST MINUTE

Why aren't the producers producing and the drillers drilling? Because of Mr. Biden's war on fossil fuels, and his obsessive, unproven, and ideologically driven climate change policies.

So wrapping it up folks, problem number one today is inflation. Problem number two is a lack of affordable and plentiful energy. Problem number three is Uncle Sam needs to stop paying people to stay home and not work.

Expect a lot more inflation in 2022: Peter Morici

Economist Peter Morici, Mainstay Capital Management CEO David Kudla and Wealth Enhancement Group SVP Nicole Webb discuss the Fed’s tapering plan on ‘Making Money.’

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My solution? Senators Manchin and Sinema should pause Biden's reckless spending and taxing bill until inflation comes down if it ever does. A pause into next year is consistent with Senator Manchin's recent statements. I sincerely hope he sticks to his guns. 

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Because we need to save America. And kill the bill.

This article is adapted from Larry Kudlow's opening commentary on the November 30, 2021 edition of "Kudlow."

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