LARRY KUDLOW: Trump has been hammering on the failure of 'Bidenomics'

Alright. Former President Donald Trump spoke Saturday at the South Carolina GOP Silver Elephant Dinner, Obviously a very big political event, Just a few days after Mr. Trump pleaded "not guilty" to Joe Biden's latest legal attack, the indictment regarding January 6, 2021. So, a lot of folks would expect the Former President to spend an hour or two lashing back on the court cases, but they would be wrong.  

Instead, the former President spent an hour or so talking about the economy, blasting "Bidenomics", reviewing his many successful accomplishments during his first term, and laying out an agenda for a second term. I have yet to see a media report on this speech, no doubt. Why do I say "no doubt?"  Because Mr. Trump understands that the leading issue in this presidential campaign is the economy.   

He has been hammering on the failure of "Bidenomics" and proposing his own pro-growth alternatives for well over a year and I'm going to argue that's one of the key reasons for his enormous lead in the Republican primary polls and, recently, a number of polls show him beating Biden. Yes, it's the economy, stupid!  The mainstream media won't report it.   

So, let me just give you some key bullets from the speech.  Right after some introductory remarks to the variously assembled South Carolina dignitaries, Mr. Trump launches right in, and I’m going to quote:  

BIDEN'S FAILED ECONOMY: HERE'S WHAT THOSE INFLATION NUMBERS REALLY MEAN FOR CONSUMERS, BUSINESSES

"One of the most important issues of the campaign will be who can rescue our country from the burning records of Bidenomics. You know what that stands for, right? Henceforth, it will be defined as inflation, taxation, submission and failure." And, then he goes on:  

"But, Day One, the Biden economic bust will be replaced with the historic Trump economic boom... The contrast between our agenda's incredible success and Joe Biden's crushing economic values could not have been more stark. Let's look at some of the facts comparing crooked Joe Biden vs. President Donald J. Trump. Under Biden, real incomes have gone down by $7,400 per family. Think of that. Under President Trump, yearly income went up on average by $6,000."  

And, it continues:  

"During Biden's first 30 months in office, just 2.1 million jobs were created and by contrast, during my first 30 months in office, we created 4.9 million new jobs -- a record. Millions and millions more than experts predicted."  

And, then, he goes on:  

"Under Bidenomics, gas prices are again nearing $4 a gallon... inflation has reached the highest level in half a century and mortgage rates are pushing a brutal 7%. When I was your president, the 30-year mortgage rate reached a record low of 2.65%, inflation was less than 1.9% and we had gasoline down to a $1.87 per gallon."  

There’s more: "Under Biden, the radical Democrats have piled up over $10,000 of job-killing regulatory costs onto the backs of every American household in less than three years and, by contrast, under the Trump administration we cut the cost of job killing regulations by an amazing $11,000 per household."  

And he goes on with still more:   

"Joe Biden immediately shut down the Keystone XL pipeline, surrendered our energy independence and future dominance and now he's pushing the largest tax hike in American history."  

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Then Trump continues along this line, citing more facts and more figures, and, by the way, pledged to end Biden's government spending spree and, really for the first time, Mr. Trump started talking about a balanced budget and presidential impoundment powers. So, folks, don't tell me this election is just going to be about court cases.   

Trump has been running a strong economic growth and prosperity agenda ever since he declared his candidacy. He is a very good politician. He understands that these are going to be kitchen-table, pocketbook issues, with the lead on the economy and I will say this: no other candidate in the GOP – and certainly not Joe Biden – is talking about the economy the way Donald Trump is. Just want to say that, folks.  

This article is adapted from Larry Kudlow’s opening commentary on the August 7, 2023, edition of "Kudlow."