LARRY KUDLOW: Biden is incapable of telling the truth about the economy

There he goes again or to be specific, there he goes again, again. President Joe Biden on the campaign trail, blasting off with blarney and misinformation. I've said it before and I'll say it again. Mr. Biden is incapable of telling the truth about the economy or his own policies or for that matter, anybody else’s policies!   

 So, here's Mr. Biden in Maryland with some of today's blarney. Listen and weep:   

JOE BIDEN: "Some of our Republican friends in the House are talking about taking the economy hostage over the full faith and credit of the United States.  I made it clear in the State of the Union, I will not negotiate whether or not we pay our debt. I will not allow this nation to default."  

I mean, really? Speaker Kevin McCarthy and the Republican House have no intention of defaulting on the federal debt. They've said it time and again and it's incredibly irresponsible for Biden to say he refuses to negotiate. That makes him responsible for some kind of debt default in the worst case.  

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He is in denial, by the way, that the House has gone Republican and the House has the power of the purse. As is always the case down through the years, debt ceiling negotiations are the surest way to generate budget savings and actually reduce deficits and debt.   

Notably, the most recent case with Former Speaker John Boehner and Former President Barack Obama in 2011 saved over a trillion dollars in the next two years and that's more or less what House Republicans want to do today, but if Mr. Biden wants to stay home in his Delaware basement reading his illegal classified documents and not talk to anybody, then he's the guy to blame.   

Then, of course, he goes into this ten Pinocchio untruth riff he has about the GOP and their so-called $3 trillion debt plan. So, pull out your handkerchiefs, take a listen and weep some more:   

JOE BIDEN: "Look, folks, let's be crystal clear about what's happening. If you add up the proposals of Republican friends, my Republican friends have offered just so far what they've offered, they've offered these now, it would add more than $3 trillion to the debt over ten years."  

Now, this is pure Pinocchio blarney. First up, his 87,000 new IRS agents chasing after the tips of waitresses, cab drivers and doormen will not generate any significant revenues. This has been tried before and has always failed and, of course, it's middle and lower-class working folks who pay the burden because the well-to-do have tax lawyers to protect them.   

Then, he’s got some more blarney about lower prescription drug costs, which will also never pan out, as price controls never do, but most of Biden's misinformation is about making the Trump tax cuts permanent.  

He thinks it’s a $2.7 trillion loss, but as we've shown over and over and the Congressional Budget Office itself shows, there was a massive revenue increase in the first two years of the Trump tax cuts, with revenues actually rising by $250 billion. In other words, the taxpayers made money and the budget deficit came down.  

By the way, the biggest beneficiaries, contra Biden, were middle-income blue-collar folks and minorities, who got the biggest gain in real wages. This has been proven over and over, but Biden keeps spreading the same old nonsense. Now, finally, the CBO just came out today with new baseline budget projections for the next ten years.   

After all of the Biden Democrats' new spending, the total deficit over the next ten years is estimated by the CBO at $20 trillion. That's right, $20 trillion. Total budget outlays are estimated to rise by $80 trillion. That's right, $80 trillion.  Those are CBO numbers and, if you track the yearly deficits from Bidenomics, you go from $1.6 trillion, then up to $1.9 trillion by 2028, then up to $2.9 trillion in 2033.   

That’s the CBO numbers. There is no deficit reduction. There is no debt reduction. There is no spending restraint. Meanwhile, there is no prosperity either. With all this spending and taxing and regulating, economic growth is estimated at a measly 1.8% per year. That is not prosperity.   

3.5% per year is closer to decent growth and decent opportunities and we had it for over 50 years, but we haven't had it for the last two decades, and this would be a third decade of economic underperformance.   

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Of course, there's no prosperity. The size of the federal government goes to a historically high 25% of GDP. Now, for the last half-century it's averaged only 20%.  This is Bidenomics. Spend it, tax it, regulate it and the CBO thinks inflation is going to stay down around 2% in the next ten years and I would suggest to them: think again, with this kind of spending and borrowing.   

You know, Mr. Biden, you should really get serious. You ought to face the music. You should do your job and negotiate with the other branch of government and I’ll just say here at the end: Save America, stop the crazy spending, borrowing, regulating and inflating or, frankly, better yet, get a new president.  There, I’ve said it.