Larry Kudlow: Where's the domestic spending freeze we need?
Larry Kudlow calls out reckless government spending
So, we know that the Biden Democrats' attempts to radically transform the American economy and culture for that matter, has led to sky-high inflation, economic contraction and overall demoralization in just 18 months. The radical progressive experiment has once again failed.
Show me a poll, any poll, and I'll show you a massive voter revolt against Biden policies. Of course, there is bipartisan agreement that free-spending fiscal policies, along with massive money printing and over-regulation (what Steve Forbes calls "modern socialism through the regulatory state") is responsible for the sad decline of what was a healthy economy just 18 months ago and if President Biden had his way, it would've added $5 trillion in social spending and Green New Deal madness.
They would've increased taxes by $3.5 trillion, having proposed 36 tax hikes, 11 tax hikes on fossil fuel companies alone, in his FY '23 budget. Hats off to Joe Manchin, Kyrsten Sinema and the Supreme Court for at least slowing, if not stopping, the Biden fiscal insanity and their radical climate activism.
In fact, as we come on air tonight, there's a sit-in going on in Chuck Schumer's office by radical greenies protesting the fact that Chuck and Biden have not yet adopted so-called "emergency measures" that would unconstitutionally ignore the Supreme Court and turn the U.S. into a totalitarian green state.
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This story gets sicker and sicker. It's a battle between the left, the far-left and the completely over-the-edge interplanetary left, but are Republicans really riding to the rescue, especially Senate Republicans?
You heard me last week riff against this completely unnecessary big-spending $250 billion corporate welfare industrial planning, out-China China, subsidy boondoggle allegedly for the semiconductor industry, but with new Solyndra-like slush funds for the Energy, Commerce and Transportation Departments— $250 billion over 5 years according to estimates.
That's not as big as $1.9 trillion in March of 2021, but with a 9.1% inflation rate that's a pretty big number. The first vote got 16 GOP senators on board the Schumer Snookered Express. Did anybody read Kim Strassel's great column, "The GOP's self-defeating spending habit?" If not, you should dial it up and have a look at it.
It's exactly in sync with what I've been saying here on the show. The WSJ editorial page in general has raised these issues. Remember last year the trillion-infrastructure boondoggle bill that was a lot more Green New Deal than infrastructure and in fact, has already been overturned by the Bidens' reversal of Trump's rapid permitting policies?
Kim reminds us that a couple of years ago, Republicans blew through discretionary spending caps and the Senate restarted earmarks. So, I can't help but wonder whether the GOP attack on inflationary Democratic spending is going to hold up in the November election.
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The House Republicans are far more disciplined in their opposition to these crazy spending bills. They're going to retake the House, but I was just thinking, in some of these very close Senate races, like Arizona with Democrat Mark Kelly, or New Hampshire with Maggie Hassan or Georgia with Raphael Warnock, to name a few races, when the GOP candidate slams the Dems for inflationary spending that has led to recession, wouldn't the Dems just say: "Well, you joined us for these big spending bills?"
In other words, are the GOP senators advocating the fiscal high ground anymore? Will these big spending votes be self-defeating?
Really, you're either for big spending or you're not. You're either for higher inflation or you're not. Where's the domestic spending freeze we need? Or the across-the-board deregulation of energy and all industries? Or a long-term extension of the successful Trump tax cuts?
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I'm not hearing these supply-side solutions. I'm hearing more big spending. This is not good. So, I would say to my good friends in the GOP Senate conference: isn't it time for some self-examination? That is, an improvement in your policies, your votes and your messaging?
There's only about three months to go before the midterm election. To my good friends in the Republican Party, what exactly do you stand for?
This article is adapted from Larry Kudlow's opening commentary on the July 25, 2022, edition of "Kudlow."