Kudlow: No country in history has ever paid its way into prosperity

Hot on the heels of the infrastructure package, Democrats successfully rushed to pass the budget resolution framework, working through their vote-a-rama with all sorts of Republican amendments and other complaints that won't amount to a hill of beans.

The final, final vote, on the final, final package was 50 to 49 in favor of the Democrats. Senator Rounds was out on family business, but even if he was there, Kamala Harris was standing by to break the tie.

In a whole list of depressing factoids accompanying this lunatic package, as our friend Charlie Hurt put it last night, is the speed and efficiency with which the democrats are carrying their agenda forward.

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They were helped by Republicans on infrastructure but they didn't need any help on this humongous spend, tax, regulate, green, entitle and amnesty so-called transformational democratic plan.

It will be scored at over $5 trillion dollars, plus a trillion for infrastructure comes to six. The public is increasingly against this

As polls show, people associate over-spending with rising inflation and inflation is a greater problem than unemployment. Voters correctly perceive that $3 trillion or so in higher taxes will fall on the middle class, as tax hikes predominantly always do. 

Why? Cause that's where the money is and, as our ace Washington analyst Dan Clifton put it, higher taxes equals lower earnings. 

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More taxes on businesses will shrink profits— which means less money to pay the workforce, less money to invest in new technologies to increase productivity and real wages, lower share prices for your 401ks and IRAs, and higher consumer prices to finance the tax hikes. Dan Clifton will be with us shortly in the show.  

Once again, corporations don't pay taxes, people do. Who is Mr. Biden kidding?

JOE BIDEN: The investments I'm proposing will be fully paid for over the long term…that means we'll actually reduce the national debt, improve our fiscal position over the long run. My build-back better agenda is fiscally responsible. 

Thank you, President Biden.

Incidentally, the Bernie Sanders budget committee documents show a $17 trillion increase in publicly held federal debt over the next 10 years as a result of these policies.

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By the way, Mr. President, the Trump corporate tax cuts paid for themselves within 18 months, and his overall tax package of $1.5 trillion in tax relief was all but paid for on the eve of the pandemic— that according to the CBO. 

Here's another bulletin: the Biden tax hikes are 7 times the size of the Trump tax cuts. And here's yet another bulletin - no country in the history of history has ever taxed its way into prosperity and just to close the circle, this is a program of central planning, government control with a leftist social vision (amnesty is actually in this bill), along with an attempt to significantly downgrade America's free enterprise system, which has made us the strongest economy in the world for the past 250 years.

Tomorrow, by the way, is the 40th anniversary of Ronald Reagan's tax cuts, which lead to a three-decade-long prosperity wave. We'll have a special show on that tomorrow evening from Washington.

This article is adapted from Larry Kudlow's opening commentary on the August 11, 2021 edition of "Kudlow."