So, folks, I don't want to step on Hillary Vaughn’s reporting and Senator Pat Toomey’s analysis of the Madame Omarova hearings today – which were hilarious or tragic, depending on your point of view. And there's no way she's going to get confirmed with her far-left wing socialist U.S.S.R. views and her personal problems of shoplifting.
So, I’m going to leave that aside for a moment. The great Hillary Vaughn will be here to report on it.
So, I’ll refocus on saving America and killing the bill – because the CBO is apparently going to release their scorecard by 5PM this afternoon.
House Republican Whip Steve Scalise will join us in a bit to talk about how the vote looks and all the arguments to kill the bill.
I will just remind you that even if CBO bends just a little bit to help the Democrats, they're going to come in with a much higher cost and much lower revenues, and the Democrats in the House and the White House are not going to like it one bit.
Remember the Committee for a Responsible Federal Budget is scoring the BBB bill at $4.9 trillion.
The Penn Wharton model is scoring it at $4 trillion and the Tax Foundation has estimated that the Democrats tax hike plan alone would cost the U.S. economy more than it raises in new revenues. So, I’m gonna bet that this "Build Back Better" – or as some are calling it "Bankrupts, Benefits and Bureaucracy" – is dead on arrival. That's what they always say about Republican budgets and tax cuts.
But the Trump tax cuts won four years ago and launched a great prosperity with record low unemployment, record increases in family income, lower poverty, with the biggest benefits going to the blue-collar middle class and lower incomes. And the Trump plan paid for itself with a gusher of revenues as we predicted.
This Dem bill tries to reverse the Trump tax cuts, and if it ever passed it would reverse all of the positive economic benefits that came from the former president's tax cuts.
So, I’m just gonna predict that it will be dead on arrival – both the bill, which should've been dead from the beginning, the CBO scorecard, which is going to put a spike through it. And anyway, I’m not sure we should care because the Senate's going to rewrite it regardless.
Joe Manchin and Kyrsten Sinema will look very good in Republican red. Again. Mr. Scalise is going to fill us in on the details in just a little while.
Last point: Another big plunge in unemployment claims today, the Philly Fed Manufacturing Index up way stronger than expected.
Prices are soaring. We're in an inflationary blowout. And pandemic supply shortages inflation is now giving way to massive excess money creation inflation – which is going to be permanently problematic. Ok.
That's my riff.
This article is adapted from Larry Kudlow's opening commentary on the November 18, 2021 edition of "Kudlow."