Kudlow: Biden's woke climate agenda would put economy into permanent recession
Kudlow ripped the president's fossil-free progressive agenda
Of course, people have been asking me, "Are we in a recession?" or "When are we going into recession?" Here is my answer.
If President Joe Biden ever succeeded with his woke, climate, fossil-free progressive agenda, he will put the American economy into a permanent recession. That's right.
In Japan, the other day, he gleefully talked about an incredible transition away from fossil fuels. He's more than pleased to see sky-rocketing gasoline prices. That's when he made his "incredible transition" remark, and then he says "God willing, when it's over we'll be stronger and the world will be stronger."
My response is, if Biden's dream ever came true, then God willing, maybe we'll still have an economy because, we will never have a healthy economy without fossil fuels. Full stop.
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I mean these radical progressive greenies have never explained what is going to replace fossil fuels. As Kevin Hassett mentioned on last night's program, 70% of the electricity in this country comes from fossil fuels. It will not be replaced by unreliable wind turbines or solar.
It could partly be replaced by nuclear power, but the radical greenies are completely hypocritical about this and they always oppose nuclear power. I'm all for electric cars, but it will take fossil fuels to build them. It will take fossil fuels to mine for the resources and what these radical progressives never take into account is the idea of technological advance and innovation that make fossil fuels —especially natural gas and LNG— cleaner and cleaner.
Technology has made our air and water the cleanest of all the big countries in the world. That's why there's no emergency. That's why there's no immediate existential climate threat.
Former EPA Commissioner Scott Pruitt told us the other night about the tremendous advances in carbon capture and storage, which will make fossil fuels cleaner and cleaner. Bjorn Lomborg has repeatedly told us how important it is to preserve long-term growth, which produces innovations and technology breakthroughs and avoids massive financial costs imposed on typical working families.
Mr. Biden doesn't give one whit about middle class working folks. Somebody just told him that higher gasoline prices will make renewables more attractive. That kind of single-entry bookkeeping is why Biden's progressive presidency is such a failure and then there's the absolute baloney sold by John Kerry at the rich man's socialist gathering called Davos.
Rich people, like the Disney kids, moaning for higher taxes. Well sure! You already have money and you've already wrecked your amusement park with your woke social opinion. and if you want to pay more in taxes, go ahead, write a check to the IRS. Feel free to do so. Be my guest, but don't punish the rest of us.
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Meanwhile, Kerry's selling all the harm from climate-induced hurricanes, floods and natural disasters... trouble is, in the last 100 years, fatalities from natural disasters have fallen 99%. More climate baloney.
Then, my new favorite story is this poor truth-telling banker, who gets up in front of a fancy conference of investors and tells them not to worry about any financial climate risk. Here's a quote: "unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are always wrong."
The guy is completely right, but after a political uproar, his CEO suspended him from the bank, pending an investigation and I thought we got rid of the "disinformation board." Well, not at HSBC, we didn't. Here's a final thought on this.
The NY Fed did a study last year: "How bad are weather disasters for banks?"
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"Not very, insignificant, or small impact"—that according to Rupert Darwall from the Real Clear Foundation and he goes on to note that "the use of climate risk to push financing flows to net-zero (meaning not fossil companies) has caused painfully high oil and gas prices, hurting consumers and businesses and pushing up the cost of food."
That's what woke bankers are doing because of woke regulators like the SEC and the Federal Reserve and because of a woke president who has no idea how to save America. But you know what folks? The cavalry is coming.