Kudlow: The middle class is getting creamed by inflation

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Manufacturers do not want to invest and produce due to government policy threats

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Speaker Nancy Pelosi’s October 31, trick-or-treating Halloween deadline for a grand democratic deal on a trillion-dollar infrastructure package and a $5 trillion entitlement welfare state, big government socialism, massive spending, taxes , regulation and the orgy of the Green New Deal is all but unlikely.

There are two main reasons for this. Joe Manchin and Kirsten Cinema. Other quiet Democratic senators lurk in the back group. But they too are not happy with the massive spending bill. Senator Manchin doesn’t like to spend. Senator cinema does not like to be taxed. Together, they make a lovely couple. I would say they are the number one power couple in Washington today.

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I am sorry that Mr. Manchin will accept the tax increase. But I give him a lot of credit for his insistence that social welfare spending and entitlements should be means-tested and that work rent should also be included. These are important policy principles. The far-left progressives do not like him.

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But Munchkin is strong so far. They have also done a great job in refusing to sign the Clean Electricity Demonstration Bill. This is what sets the 2035 target for a carbon-free electric grid. The bill is worth nearly $150 billion in renewable subsidies and fossil fuel tax penalties. Of course, Manchin is from West Virginia, which produces a lot of coal, oil, and natural gas. So, I get that. But take a look around the world and you’ll see just how calamitous the idea of ​​Biden would be.

The wind stopped blowing in the North Sea so the British economy is paying the US 8 times the natural gas prices and now they are turning to coal. Germany is a large renewable energy country, but despite Nord Stream 2, Putin is not providing enough natural gas for the German economy and Germany’s use of renewable energy a few years ago was a catastrophe.

So now they too are scrambling for coal. Which is currently the dirtiest of fossil fuels. The moral of the story is that wind and solar are not reliable energy sources. Oil, natural gas and coal are reliable. In fact, coal sales in the US have actually increased for the first time since 2014.

Natural gas prices were skyrocketing. They have come a little far, but are still very expensive.

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The price of crude oil is over $80 per barrel. It is the middle class that is bleeding from this inflation. And best of them all, renewable, nuclear power has been turned completely green. So Munchkin is doing everyone a favor by stopping this crazy carbon-free electric grid idea. 80% of US energy is fossil fuels.

Biden wants to laugh at this. Their Green New Deal, tax hikes as well as regulatory threats, and the way banks have not given loans to fossil fuel companies have hampered fossil fuel production. We are 2 million barrels per day less than where we were pre-pandemic. That is the lack of fossil fuels. Manufacturers do not want to invest and produce because of government policy threats. Can’t blame them.

Renewable energy excluding nuclear still accounts for only 3% or more of our power. You think all this is going to change in 14 years? This is the best thing I’ve ever heard from the Bidens, and they put in a lot of naughty stuff.

So, we all owe a huge favor to Joe Manchin. Another point on social spending, these unreliable housing subsidies have been set on fire by Munchkin and other moderates.

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The issue is an incredible $300 billion subsidy plan that would support $90 billion in rental assistance, which is completely unnecessary because relief money for renters was never spent and the eviction rate during the pandemic is very high. Been less.

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$80 billion to rebuild public housing with Green New Deal Housing, $37 billion to the National Housing Trust Fund, and my favorite, which is a $10 billion plan to help first-time homebuyers with eligibility based on minority status. will provide a grant of $25,000 to those.

In other words, more discrimination, more awake and more critical race theory from the far left. This is not the only program based on discrimination, but a lot of them are an outrage.

Then of course we come to massive tax hikes and then programs to subsidize non-work and penalize work, which Casey Mulligan and Vance Ginn in the WSJ estimate will add 5 to 9 million jobs to the economy over the next decade. Can cost between … Incredible.

As far as I know, Senators oppose tax increases on cinema businesses and individuals. good for her. So, we have our back on Mr. Manchin’s wellness dependency, which means testing, work, and energy. We have our backs on Senator Cinema’s taxes. That’s why they make such a lovely couple and I wish them all the best.

This article is adapted from Larry Kudlow’s opening remarks on the October 19, 2021 edition of “Kudlow.”


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