Kudlow: Let’s save America and kill the Democrats' spending bill

We have a lot of breaking news today regarding the Bob Woodward/Robert Costa book called 'Peril'. 

Yesterday, at least on this show, we took the view that if General Milley had in fact spoken to his Chinese counterpart General Li without any knowledge of the Commander in Chief Donald Trump, that he would be subject to forced resignation or dismissal—some people whispering treason. 

Today we learned from General Milley's office that he did in fact hold those calls with his Chinese counterpart. So, that answers a key question: Was it true? 

According to General Milley, the Woodward/Costa book was true and that advances the story into even more complicated waters that we will explore on the show. 

Former Energy Secretary Rick Perry, someone deeply involved in national security matters during his tenure, also former Texas governor and a former captain in the U.S. Air Force, will join me to discuss what I’m calling the Milley situation, but the Milley situation now encompasses President Biden, former President Trump and a number of former defense and national security officials.  

Like I said, it's getting very complicated. 

Now, getting to the easy stuff, which is a set of Biden administration reconciliation policies that will inflict huge damage on the economy. As I say, this is the easy and straightforward stuff.  

Before we get too analytical let me just say to all of you: Let's save America and kill the bill. 

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Advancing this story today is a new set of scorecard estimates from the Joint Tax Committee of Congress. That, among other matters, shows that the middle-class will in fact pay higher taxes as a result of issues like the corporate tax hike, the child tax credit, capital gains and others. 

When our ace Washington policy pal Dan Clifton comes around, I know he wants to talk about the SALT deduction. Remember that? 

SALT is state and local tax deduction, which was strictly limited in the Trump tax cuts, but Dan Clifton believes they are going to reappear magically on the floor of the House and will be essential to passage of the bill.  

Mind you, I don't want to pass the bill. Need I repeat: "Save America. Kill the bill?" 

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Oh yes, one more point: a story I’ve been dying to do for weeks with WSJ editor and columnist James Freeman: Joe Biden is taking care of his friends.  

Among his friends is the Federal Government Employees Union where he is almost doubling their expected pay increase. Now mind you, on a comparable basis, they already make more than their counterparts in the private sector, have vastly greater benefits and unlike private-sector job holders, the federal workforce never gets fired, but Biden wants to take care of his friends. So, we're going to discuss it later in the show with James Freeman. 

Then finally, Steve Moore and Nancy Tengler are going to tell us about the state of the economy and the stock market. 

Hint, hint: I think the pandemic inflation is easing and we had strong numbers today on manufacturing and business equipment spending, but inflation is still too high and we sure don't need another $6 trillion of federal spending with no work incentives whatsoever and we sure don't need a massive $3 trillion tax hike that will throw a wet blanket over our recovering economy. 

Second hint: If it ain't broke, don't fix it.  

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Third hint: A smart Congress would make the Trump tax cuts permanent. 

Last hint: Let’s save America and kill the bill. Now we turn back to the hard stuff, which is the General Milley story. 

This article is adapted from Kudlow's opening commentary on the Sept. 15, 2021 edition of "Kudlow."