Kudlow: We sure don't need any more government spending
'Plenty of welfare for illegals coming across the border, and all the rest of the woke nonsense that the country has come to despise', says the FOX Business host
Save America. Kill the Bill. That prospect is looking better and better. You recall Friday two game-changing numbers that may well have dealt the Biden plan for big government socialism a one, two death punch.
First, the 6.9% consumer price index showed inflation is not 'transitory' and we sure don't need any more government spending.
Second, the CBO gave a realistic scoring of the Biden monstrosity by making new entitlement permanent over 10 years or more, rather than the phony gimmick of "sunsetting" after one year to hide the humongous cost.
Pelosi called the C-B-O price-out 'imaginary'. Chuck Schumer said the numbers are 'fake.' Does anybody remember when Vice President Joe Biden told Larry King one night that the CBO scoring is the 'gold standard?' If not, here's the clip...
"I don't know one single serious econometric model, from the conservative to the liberals, who would acknowledge anything other than we created a minimum of 1.6 million jobs to – and the estimates from the CBO, which is really a, as you know, the gold standard – no Republican or Democratic questions it..."
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Actually, the CBO is correctly capturing Biden's policy intent, because he's always talking about his 'transformational' plan. Transformation doesn't mean one year out. It means permanent. And that's what CBO's new score captures. So transformational permanent translates to $5 trillion in more spending and $3 trillion in a larger deficit.
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That means there will be huge new government spending to push inflation higher, and it also means the bills not paid for. All of which the administration has known all along just as has Pelosi and Schumer. Essentially the CBO has outed the whole progressive left budget fiction. Who knew?
There's a memo from Treasury Secretary Janet Yellen to the members of the U.S. Senate, and she wrote, and I quote -
"And, there are policies that the president proposed as permanent and that, to achieve consensus, are now temporary in the legislation." Let me repeat. She said, "the president proposed permanent, now temporary." Well, there Madam Secretary, Roger that.
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Guess you all did want permanent. Guess Lindsey Graham and Jason Smith and the CBO kind of called you out on it. No more hiding Ma'am. Five trillion dollars more in spending, $3 trillion more in deficits.
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Not including of course massive tax hikes that will kill businesses and jobs, Green New Deal subsidies that will jack up energy prices and reduce energy supplies, over-regulation for government control of health care, energy, finance, and you name it. Plus, no work requirements for able-bodied welfare recipients. But plenty of welfare for illegals coming across the border, and all the rest of the woke nonsense that the country has come to despise.
Now, perhaps the leading woke-fighter, Senator Joe Manchin in advance of a phone call with President Biden signaled big concerns about inflation and the cost of the social spending bill.
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"Inflation is real, it is not transitory. It's alarming. It's going up, not down... I know people have been in a hurry... to do something, but basically, I think we're seeing things unfold that allows us to prepare better."
He added that the new economic data was quote "very sobering" and then said quote "we're going to talk about exactly what happened on Friday, which the CBO score and inflation reports and things of that sort," he said of his phone call with Biden.
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So, Save America. Kill the Bill. That's my Riff.
This article is adapted from Larry Kudlow's opening commentary on the December 13, 2021 edition of "Kudlow."