In the latest Fox News poll, 90 percent said inflation is the top voter concern, and when it comes to President Biden’s handling of the economy, he scores 35 percent approval, compared to 64 percent disapproval.
So, in this poll, voters are saying: “Here’s the problem, but Mr. Biden is not the solution.” In fact, they’re saying: “He’s part of the problem.”
By the way, though the overall inflation rate has come down in recent months, the fact remains that, since a month after Mr. Biden’s inauguration, the Consumer Price Index has gone up more than 14 percent, with groceries up nearly 20 percent. Although gasoline prices have eased recently, in total, energy costs are up 32 percent.
Government bureaucrats can talk about inflation “excluding food and energy,” but the reality is food and energy are essential to the cost of living for families across the country. Therefore, it’s odd that Mr. Biden refuses to sit down with Speaker McCarthy to talk about lowering federal spending, which is one of the primary causes of high inflation.
In fact, Mr. Biden’s own Council of Economic Advisers published a chart showing that the 2021 Biden Democratic stimulus package sparked inflation. So did a bunch of bills passed in the last two years, including the misnamed “Inflation Reduction Act,” which has recently been re-estimated by Goldman Sachs to cost $1.2 trillion, roughly three times the administration’s estimates.
Of course, Mr. Biden’s tax and regulatory increases, including his war against fossil fuels, have suppressed the supply side (or production side) of the economy. Another factor causing high inflation. Also, Mr. Biden’s latest budget would increase deficits by at least $17 trillion over the next 10 years, and would raise taxes on the economy’s most successful and productive entrepreneurs while intensifying his war against small business.
So, today, at a press conference, Mr. McCarthy sadly had this to say: “I sat down with the president February 1st. We had a good discussion. He said he wanted to meet further. He actually tweeted out afterwards that he wanted to meet further. Apparently, he doesn’t want to meet. And I don’t understand why. We’re very reasonable, responsible.”
Mr. Biden apparently doesn’t want a second date with the likable Kevin McCarthy. They’re going to need a second date, though, to hammer out a debt bill, which will probably include a 10-year budget cap that might come to a trillion dollars, a constitutionally backed halt to student loan cancellation, the just-passed H.R. 1 “Lower Energy Costs Act” (which is strongly counter-inflationary), and a renewal of the Bill Clinton-Newt Gingrich work requirements that would bring people off of government benefits and back to work, cutting the budget by about $100 billion a year and reducing child poverty.
What’s not to like? This is a sensible, reasonable approach that will do what voters clearly want — which is to reduce the cost of living and increase the purchasing power of their paychecks.
Mr. Biden says he wants a so-called clean debt ceiling bill. Well, he’s not going to get it.
This, by the way, is the Bernie Sanders version of Joe Biden, because, back in 2011, Mr. Biden was the Obama administration’s point man for a deal with Speaker Boehner to impose roughly a trillion dollars of spending caps as part of a debt bill.
Mr. President: If you did it then, you can do it now. All it takes is another couple of meetings with Mr. McCarthy. You will enjoy these dates. Maybe a nice dinner, go to a movie, a Diet Coke in the Oval?
If you remain stubbornly opposed to any sort of compromise deal, though, voters are saying you’re going to make them even unhappier with your economic performance than they already are. Trust me, sir: These are not happy campers.
From Mr. Kudlow’s broadcast on Fox Business News.
Larry Kudlow was the Director of the National Economic Council under President Trump from 2018-2021. His Fox Business show "Kudlow" airs at 4 p.m &. and his radio show airs on 770 ABC from 10:00 a.m. to 1:00 p.m.