Larry Kudlow: Why Biden's inflation plan will not work

"Kudlow" host Larry Kudlow offered his biggest critique of Biden's inflation agenda during his appearance on "Varney & Co." Tuesday, arguing the president's plan will not work if the administration doesn't freeze domestic spending.

LARRY KUDLOW: It's not an inflation fighting plan, although I'll give some credit if he [President Biden] leaves the Fed alone. The Fed's got a lot of tough work to do. That's fine. He takes a cheap shot at Trump, of course, as he always does. Trump objected to Fed tightening in 2018 for rate hikes when the inflation rate was less than 2%. I think President Trump was right about that. But then Biden goes on to say the recovery stalled. Well, the recovery hadn’t stalled, the recovery was going at 6%. And that's why the "stimmy" package in March of 2021 was uncalled for and helped launch inflation.

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…Here's my biggest critique: There's no effort here, no discussion whatsoever to freeze federal spending, at least domestic spending, which is something they've got to do if they want to stop inflation. In fact, he [President Biden] talks about, you know, childcare allowances and elderly allowances. He wants more spending, which is going to make the problem worse. He takes pride in the deficit reduction. The deficit reduction this year is about running off the emergency programs, high-inflated revenues. And by the way, the Trump tax cuts have stimulated corporate tax revenues enormously. So that's not going to work either.

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