LARRY KUDLOW: Send Joe Biden into retirement

Once more with feeling: Joe Biden on the campaign hustings desperately trying to sell something called "Bidenomics." You know: middle-out, bottom-up. What does that mean? No one knows. Hear this and weep:   

PRESIDENT BIDEN: Bidenomics is about building an economy from the middle-out, the bottom-up, not the top-down. When I took office, the pandemic was raging and our economy was reeling.

Just one quick footnote on that one: The economy was reeling at a 6.5% annual growth rate. That was given to him on a silver platter by Donald Trump. Today, the economy is actually reeling at a 1% growth rate. Boss Biden gets another Bottomless Pinocchio. How about "unleash prosperity"? Now, that would be my kind of slogan or, how about, "a rising tide lifts all boats"?   

You know who said that? Democrat John F. Kennedy. Then, the late, great supply-sider Jack Kemp always talked about a rising tide lifting all boats. Then, Ronald Reagan used it all the time. In other words, everyone — everyone — benefits from a pro-growth economic policy.   

BIDEN TOUTS 'BIDENOMICS' DESPITE TERRIBLE POLL NUMBERS ON THE ECONOMY

Trouble with Joe Biden is he's a stick-in-the-mud class warrior. Middle, lower, upper… diversity, equity, inclusion, woke… it's all left-wing gibberish. Biden says his "middle-out, bottom-up, whatever-that-means" is "working." 

Sure it is, Joe... A couple of new polls out today. YouGov just said 29% of voters approve of his inflation policy, while 61% disapprove. Overall, a recent AP/NORC (University of Chicago) poll says 34% of voters approve of Biden's economic policy — 34%. So, we have a disconnect here between rhetoric and the reality. Or, in terms of "middle-out, bottom-up," real hourly earnings, a.k.a. middle class wages, are falling 3% at an annual rate. Or, real average weekly earnings are dropping at a 5% annual rate. Or, for the bottom quartile of income earners, which is $38,000 a year or less, they've declined by 2.3% under Joe Bidenomics.   

For the second quartile, which is $57,000 or less, their real weekly wages have declined by 3.9%. So much for "middle-out, bottom-up" class warfare. Now, how about for the whole country? Cut out all this class warfare nonsense. Joe Biden may be attacking Reaganomics, but after Reagan’s tax cuts went into place in 1983, the economy grew at 6% at an annual rate for the next two years. Not 1%, 6%!   

Then after accounting for a second round of tax cuts in 1986, the economy grew at a 5% annual rate for the entire seven-year period of his presidency, from 1982 to 1989. 

After Joe Biden’s $2 trillion American Rescue Plan, his landmark policy, a 6.5% economy delivered by Donald Trump sputtered to a 1% growth rate in Biden’s first full year, 2022, and early 2023. After Trump hand-delivered a 1.4% inflation rate, under Bidenomics it soared to a 9% inflation rate, which destroyed family affordability and worker incomes.   

Here's the most fundamental point: Joe Biden is pursuing the most anti-business economic policies since FDR, some 85 years ago. Biden has spent $6 trillion, raised taxes across the board, generated over $500 billion worth of new regulations, waged war on fossil fuels, more warfare against large and small businesses, put together a massive vote-buying, grifting industrial policy and engaged in the most central planning this country has ever seen.   

Big government socialism has been jammed down crazy left-wing nostrums like Green New Deals, no gas-powered cars, no microwaves, shower heads, gas-burning stoves, even decent wood- and coal-fired pizza.  

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Consumer prices have gone up 15.6% in two years, the economy is stagnating, the country is unhappy, and his polls are plunging. Steve Forbes calls it modern socialism through the regulatory state. Art Laffer would yell from the rooftop that taxes have consequences. The great free market economist Milton Friedman is turning over in his grave.   

If John Maynard Keynes were still alive, he’d be screaming, "Stop, enough already!" Thomas Jefferson would ask, "Where’s the life, liberty and pursuit of happiness?" Adam Smith would send Biden an annotated version of his book "Wealth of Nations." Save America. Please send Joe Biden into retirement.  

This article is adapted from Larry Kudlow's opening commentary on the June 28, 2023, edition of "Kudlow."