President Biden is gleefully signing this monstrosity of a tax and spend bill, but he’s not fooling anybody. An Economist/YouGov poll shows that just 12 percent think the bill will reduce inflation, 40 percent think it will increase inflation, and 23 percent believe it will do nothing.
Twelve percent, Mr. President.
That has to be a new low ... even for you. There is not one iota, scintilla, whit, shred, or morsel of economic growth incentives in this bill. Not a single comma, semicolon, dotted “I” or crossed “T” of growth.
After two quarters of negative GDP, with nearly 10 percent inflation, this is what the radical Democrats have come up with? This is the best they can do? Really?
The 40 percent of that YouGov poll that think this goofy bill will increase inflation understand full well that the massive $400+ billion in “Green New Deal” spending will make energy and electricity more expensive.
Just check out gas and electricity prices in greenie states like California, New York, New Jersey, Connecticut, and others. Even worse, our friend Bjorn Lomborg, using the UN climate model, calculates that the $400 billion climate spending will reduce global warming, best case, by 28 thousandths of one degree Fahrenheit. Or, worst case, nine ten-thousandths of one degree Fahrenheit. In other words, no global climate impact.
Mr. Biden’s radical greenie pals are trying to sell us a very phony bill of goods, but that bill is going to cost at least $750 billion in new spending overall. That includes about $600 billion of tax hikes and high-cost gimmicks.
Did you know that inside all this greenie spending, we now have ourselves a $27 billion brand spanking new national climate bank administered by the EPA? Did you know that your energy department will have a $250 billion slush fund? Think Solyndra to the hundredth power.
Isn’t this fun? Wait, that’s only part of the story.
Of course, we also have a new IRS. Why do I say that? Well, we already had one IRS, but now it’s been doubled with an $80 billion budget increase. We have a brand spanking new IRS agent army as well. Because, though we already had one, it got doubled, too. This one may be armed.
Remember the old chewing gum ad, “Double your flavor, double your fun”? Well, here we are. Get ready.
Also, despite the economic slump, small-business passthroughs get a $53 billion last-minute tax hike. American corporations get a $222 billion tax hike. Seniors, retirements, government pensioners, and all the rest of us with 401(k)s or IRAs get a $74 billion tax hike.
Everyone is going to get a $250 billion cost increase thanks to prescription drug price controls.
The government scorekeepers, the CBO and Joint Committee on Taxation, have shown that not only is there no inflation reduction, but the bulk of these tax hikes and the IRS army effort will fall on middle- and lower-income taxpayers.
You know those greenie EV tax credits: Well, Ford just jacked up its price for the F-150 Lightning Pro by $7,000. Yet none of them will probably be available, because the lithium, nickel, and other commodities necessary for the batteries are all made in China.
Since the greenies won’t let America mine for its own natural resources, the net-net of this net-zero nonsense is that Americans will be poorer and far less competitive in world markets. Is that really what we want?
Oh, and finally, all these budget numbers I’ve just given you may prove to be wrong because the CBO never even scored the cost of this monstrosity. That’s right. This bill had to be passed for us to find out what’s in it. It turns out, the bill was passed and is now signed but we still don’t know what’s in it. Call it: radical Democrat scoring.
So, you know me, ever the optimist: The cavalry is coming. Save America. Repeal this bill.
Larry Kudlow was the Director of the National Economic Council under President Trump 2018-2021. His Fox Business show "Kudlow" airs at 4 p.m &. radio show airs on 770 ABC from 10:00 a.m. to 1:00 p.m.