Kudlow: The real cost of Biden’s spending
Larry Kudlow analyzes Biden’s reckless tax and spending spree amid supply chain crisis
So folks, save America. kill the bill. always good to start there. and it looks like the bill is being killed.
The White House and left-wing media sources keep trying to sell a fairy tale that they're close to a deal and it's only days away. By the way, they've been saying this for three months. But it's nowhere near true.
You probably read about the Bernie-Manchin exchange in the Senate Democrats' luncheon, where basically Bernie said he wanted $6 trillion. He's come way down to $3.5 trillion and Joe Manchin says, 'how about zero?' and holds up a goose egg with his fist.
Once again, I’ll repeat that: Manchin insists on means-testing and work requirements for all these social welfare programs, and the progressive left and Joe Biden oppose this.
In fact, at the town hall last night, Joe Biden said he's opposed to work requirements. which is an amazing thing for an American president to say. Clearly, it's not Bill Clinton’s Democratic Party anymore.
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And Kyrsten Sinema has taken about a trillion dollars out of the Democratic pay-fors by fencing off tax rate hikes for individuals, businesses, and capital gains. That's a trillion right there.
And of course, this fiction that more IRS agents will discover more tax cheats and bring in $700 billion in revenues is utter nonsense and the CBO will score it as nonsense. So I don't know about the pay-fors. I don't know where they're coming from.
Taxing unrealized capital gains from billionaires has been laughed out of Washington for months. It's a total nonstarter. Minimum corporate taxes at home and abroad at most could generate $300 billion in revenues. so the democrats are really in denial about just how far behind the eight-ball their budget reconciliation plan really is.
Mr. Manchin said yesterday, they won't have a deal anytime soon. and by the way, seven Texas Democrats wrote a letter to aunt Nancy and uncle Chuck telling them how teed off they are that the Green New Deal is going to slaughter fossil fuels and the entire Texas economy with huge job losses and then some. so those could be potential no votes in the house.
But let’s step back a minute and look at the Biden presidency. 10 months old. All of his major policy initiatives have failed. completely failed. In some cases catastrophically failed.
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Such as the illegal immigrant border surge and the catastrophic withdrawal from Afghanistan. Extremist unionization. Their attempt to defund the police. Then this budget package, his major domestic policy initiative is failing. His extremist Green New Deal has thrown a wet blanket over fossil fuels but blown up the prices of oil, natural gas, home heating, and air conditioning and of course gasoline. This has created an inflation surge which is the most unpopular issue in the country today.
And the Bidens failed to deal with the container back up on the west coast and originally sided with the longshoreman’s union not to do anything about it. Frankly, I’m not sure any of this has really changed.
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Their allegiance to critical race theory, their attacks on parents, their desire to cancel our culture and our history with crazy woke notions has become enormously unpopular. In short, President Biden and the far-left progressives behind them wanted to transform America. But fortunately, America does not wish to be transformed. And so in less than a year, Biden’s presidency has failed. Save America. Kill the bills. Kill all of that stuff I just mentioned. Kill transformation. America doesn't want transformation.
This article is adapted from Larry Kudlow's opening commentary on the October 22, 2021 edition of "Kudlow."
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