So, with 13 days left until the November 8th midterms, polling data continues to suggest the Cavalry is coming. Of course, polls don't matter. Only votes do and like most folks, I'm a polling sceptic, but it is noteworthy that market-based polls are now suggesting GOP Senate pick-ups in Pennsylvania, Nevada and Georgia — all that could give the GOP a 52-48 Senate. Arizona, very close and later in the show, by the way, we’re going to have former General Donald Bolduc. He’s the GOP candidate in New Hampshire, where that race is a tossup — could be one of the big surprises.
But I'm particularly interested in content and message and it is still, for the Senate races, inflation and the economy. Up in New Hampshire for example — this is so important — electricity rates are soaring, blackouts are threatening, natural gas and home heating oil is short. So, what is Democrat Senator Maggie Hassan's solution? Sell more out of the Strategic Petroleum Preserve, also use the home heating reserve. That’s the wrong answer. That's a Biden answer. People don't believe in Biden answers anymore. He is incapable of telling the truth about the economy, or the energy situation.
How is it that the entire Democratic party, really, it seems like the entire Democratic party will not recognize the power, efficiency and the importance of the American oil and gas business. It's like the progressives are suffering from this thick blanket of amnesia that we have a fossil fuel industry at all — that the industry is capable of solving problems, like high prices and fuel shortages. It employs 11 million people. It impacts literally hundreds and hundreds of everyday necessities in our lives. It may be the single most important, urgent answer to the crisis of stagflation.
Now, today, Vice President Kamala Harris, with a straight face mind you, holds a presser and attacks diesel-powered school buses and blames them for our kids' education underperformance. Really, mam? That's the issue? Not your opposition to parental involvement? Or your subservience to the teachers unions, critical race theory and gender and sexual I-D mandates? Blame diesel buses? Which, by the way, have been taking American kids to school for decades and decades when test scores were higher and kids new how to read and do arithmetic. Do I get this right? This is one small reason why the Cavalry is coming. Common sense Americans have had enough. They've had it up to here!
I notice also, some Democratic advisers are now counseling their candidates to emphasize the economy. Well, welcome aboard kids. But your man, President Biden, who all these Democratic senate candidates have voted with, took a booming economy with barely any inflation and turned it into a recessionary bust with 40-year high inflation. This is not an easy thing to do in 18 months. Real wages have fallen 18 consecutive months on a yearly basis. Grocery prices up 13% for families since the Biden inauguration.
The president himself calls the economy "strong as hell." Now, he's entitled to say in a free country, but he is not entitled to make up his own facts. The fact that he keeps on with his fraudulent falsehoods itself has become a campaign issue because the voters have lost confidence in it and his ability to solve the problem. The voters want checks and balances. Mr. Biden says he's never blocked oil and gas production, but of course we know that's dead wrong. Mr. Biden says Republicans will add $3 trillion to the deficit, but of course the entire GOP message is to rescind Mr. Biden's $5 trillion of new spending borrowing and debt.
You know what? I came across some old files from the Biden FY 2023 budget proposal, just last March. Now that itself had a $5 trillion+ spending increase price ticket, but on top of that, he proposed 36 tax hikes on individuals and businesses totaling $2.5 trillion including 11 separate tax hikes on the oil and gas industry. This is just from last March, when energy prices have already been skyrocketing for well over a year. It would've been the biggest tax hike since the 1940's according to some analysts. Is that really the answer to crisis stagflation? I don't think so. Nobody else does either.
Again, let me be the first to admit polls don't matter, only votes do. So, I don't know the outcome of this election yet, but the trends are very clear. Folks want inflation to go down, not up. They want the economy to go up, not down. No one's running around banging diesel school buses as the reason for poor education performance. Let’s go a step further, underneath the specifics, there is a sense among working folks that they do not want their country to be transformed into some radical, woke, progressive experiment and if there was ever any doubt about that, 18 or 20 months later it’s clear that experiment has failed dismally. People have lost confidence in President Biden and I think they are going to vote for checks and balances in order to change the direction of the sinking ship. That is why the cavalry is coming and that is my riff.
This article is adapted from Larry Kudlow's opening commentary on the October 26, 2022, edition of "Kudlow."