Kudlow: Inflation's not going away anytime soon
FOX Business host says the White House, Democratic leaders have given up on Biden's 'go woke, go broke' bill for the rest of the year
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Well, folks, it's happening. Merry Christmas! The White House and the Democratic leadership have given up at least for the remainder of this year.
Joe Manchin has been indomitable, unyielding, and very much in tune with the American public. Bet you a couple of other Democratic senators who have been hiding out would have nonetheless voted against "go woke, go broke," but it won't come to that because there won't be a vote.
When we started our mantra a couple of months ago, I thought it was kind of a long shot, though I believed in putting our best foot forward, highlighting all the hundreds of problems with this bill. Now, I'm pretty much a happy camper. If I could bundle up Senator Manchin and put him under our Christmas tree, I would do it. But even unbundled, he's done a heck of a job as a leader.
Then there was this nonsense about Dems getting a vote to undercut the filibuster rule in order to pass their so-called election reform bill that would violate the Constitution and nationalize election laws. Can't do that, kids. It's up to the states and their legislatures. Democracy needs ID voting cards. Harvesting unmailed ballots is a terrible idea.
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On this one, it's Senator Sinema who put her foot down: No change to the filibuster rules. Good for her.
And of course, everybody knows gimmick-free scoring of Biden's big government socialist monstrosity shows the $5 trillion spending, $3 trillion deficit is inflationary. That's why the public hates it. That's why Biden's economic polls are now into the low thirties. By the way, inflation's not going away anytime soon.
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The Fed talked hawkish yesterday but acted dovish. They should have terminated QE and started hiking rates in January, but they didn't.
The Bank of England, our cousins across the pond, announced an interest rate hike with a 5% inflation rate. Jay Powell hinted at rate hikes later this year, but he has a 7% inflation rate. Go figure!
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And by the way, even if the Fed does get around to serious restraint, it will take over a year to impact inflation. That's why they're so far behind the 8-ball. And that's why $5 trillion social spending bills are going nowhere next year. It'll come up again in February, but it's going to go on and on. Pause and pause.
And closer to the midterm elections will bring the death of BBB. I could say rest in peace, but I don't really want it to rest in peace. And I don't want the Lord to look over it. I just want it to go away, deep in the ground, never to be seen again.
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And as for the Fed, they just keep on enabling inflation. And when Biden appoints more left-wing progressive, woke people to the Fed next year – people who worry more about climate change and woke social policies than inflation – it will be even harder and harder for the central bank to take appropriate action.
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So that part of the story is not good. But you know, one day at a time. One victory at a time. Save America. Kill the bill.
This article is adapted from Larry Kudlow's opening commentary on December 16, 2021
