Larry Kudlow: Biden took a booming economy without inflation and turned it into a high-inflation bust

The Republican cavalry is in good shape before midterms

There's a growing view inside the mainstream media that Joe Biden's recent legislative victories and his recent speeches that MAGA Republicans are a threat to democracy and are "semi-fascists" are going to give the Democrats some midterm momentum and they're going to overtake the GOP by snatching victory from the jaws of defeat. I'm not buying it and here's why you shouldn't either. 

First of all, the new legislation is not popular. By 36% to 12%, an Economist-YouGov poll shows that voters believe the IRA legislation will actually increase inflation. As for the student loan cancellation, a poll from another network shows by 59% to 38% that voters believe that too will increase inflation. 

By the way, the latest inflation report for July was 8.5% year-on-year and the inflation tracker from the Cleveland Fed predicts an 8.2% CPI for both August and September. 

As far as Biden's attack on 74 million Americans who voted for President Trump in the last election, new polls show these speeches were a disaster. The Trafalgar Group polling likely voters shows 56% believe it was "dangerous rhetoric," over 20 points more than those who believe it was ‘acceptable campaign messaging." 


Joe Biden

President Joe Biden speaks about efforts to combat COVID-19, in the State Dining Room of the White House, Tuesday, March 2, 2021, in Washington. (AP Photo/Evan Vucci) (AP Photo/Evan Vucci / AP Newsroom)

Just today, Rasmussen Reports also finds that 46% say the upcoming midterm election is a "referendum" on Biden's agenda. Only 40% think it's more about "individual candidates." 

These early returns on Mr. Biden's outrageous, hateful and divisive rhetoric, alongside huge new tax-and-spend Democratic legislation, suggest the Republican cavalry is in very good shape here 61 days before the midterms. 

Another lesson: never believe the mainstream media. Of course, voters are going to cast ballots against Biden's authoritarian, dictatorial, big government socialism.  

Mr. Biden took a booming economy without inflation and turned it into a high-inflation bust in a little more than a year. His war on fossil fuels has driven gasoline, oil, natural gas and coal prices sky-high — ditto for food prices on grocery shelves. He can't even get proper baby formula on store shelves. He has spent massively, raised taxes and launched the biggest regulatory assault on business we have ever seen. Real wages for working folks have fallen steadily. 

He is not only obsessed with climate change, without ever providing any alternate replacement. He is similarly maniacal about repealing all the successful Trump tax cuts that gave us the lowest poverty and highest family wages in 50 years. 

He wants a battery-powered economy but won't let people mine the resources to develop it. His allies want to end gas-powered cars but are now telling EV owners they can't recharge their batteries. Why? No electricity. Why? Not enough fossil fuels. 


He has weaponized the Justice Department and the FBI against his arch-enemy Donald Trump. He lied about the miracle of Operation Warp Speed. He has stifled free speech, calling parents "domestic terrorists" and pressing social media to evaporate the Hunter Biden laptop story. That story, by the way, could've changed the 2020 election. 


He lied about the Afghanistan exit being a great success. He lies about the open southern border, with millions of illegals crossing it and the scourge of fentanyl that has come with it. 

Not only has his economic version of central planning been a complete failure, but he has resorted to an authoritarian, dictatorial, divisive approach that is devoid of truth, but Americans are a lot smarter than Mr. Biden thinks. They will reject his perverse vision of America. That is why I believe the cavalry is in good shape as we enter the final run for the roses. 

This article is adapted from Larry Kudlow's opening commentary on the September 7, 2022, edition of "Kudlow."