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Kudlow: The only way to whip inflation is by abandoning the progressive agenda


So, we begin tonight with the front page of the New York Post. That kind of says it all. 

Take a look… “Joe’s Train Wreck” — “gas hits a brutal $6 a gallon, border crisis gets worse, ministry of truth collapses, market drops 1,164 points — worst day in two years, baby formula disaster.” 

The only thing the Post missed was that the cavalry is coming because of Mr. Biden’s train wreck and I want to generalize about this train wreck because in policy terms, it shows the complete breakdown and failure of the radical Left, progressive agenda or, as Newt Gingrich calls it, “big government socialism.” 

A RECESSION IS NOW THE BASE CASE SCENARIO FOR WELLS FARGO 

In a few moments, I am going to talk to Sen. Ted Cruz about the failure of radical progressivism, wherever it has been tried and at whatever point in history it has been tried — total failure. 

Take the Ministry of Truth fiasco — another attempt by Biden’s statism to control speech. Disagreement becomes misinformation. That’s right, out of the old Soviet Union or today’s China, or Venezuela or Cuba. That’s what they do. That’s not what America does. 

Now, this silly little Mary Poppins lefty person, Nina Jankowicz, made it a laughingstock, but we should not lose track of a much more important point — that the Biden administration was trying to control free speech. Specifically, they were trying to control free speech that disagreed with their ideological viewpoints. That’s radical progressivism. 

Fortunately, this specific attempt to control free speech is now dead on arrival, but it is not dead in the minds of the ideologues who populate the Biden administration. Somewhere, some place, they’re going to try to do this again. 

The baby formula disaster is a perfect example of progressive over-regulation and of course, progressive obsession with blaming business. 

The open border crisis is also a function of the progressive disregard for the rule of law and national sovereignty. It is the direct opposite of “America First.” It is the notion that we’re all part of one, big progressive global family and there’s no need for borders because instead of national interest, we have something called “world interest.” 

MAJORITY OF CEOS PREPARING FOR A RECESSION AS SKY-HIGH INFLATION PERSISTS 

It’s utter nonsense, as ordinary working folks around the country who are concerned about the drug epidemic, terrorism, the crime wave and sex trafficking will tell you. 

The stock market smack-down is a clear recession signal that I will talk about later in the show. 

Record gasoline prices are, frankly, just what the Bidens really want. No matter what they may say, they like $100 crude oil. They like record diesel fuel. They don’t care about truckers and their trucks. They don’t care about business or consumer costs. They don’t care about pipeline safety.  They’re not interested in our relations with oil-rich Canada. 

For the first time in recent memory, they actually used government intervention to cancel a private sector project that was already under construction. 

High fossil fuel prices supposedly make Green New Deal renewables more attractive in their ideological mindset. The reality is renewables are only 3% of our power, while fossil fuels are 80% — as ordinary Americans are painfully aware once again. 

Wages are going up, but inflation is going up faster. Biden progressives are completely in denial about the inflationism of rapid government spending, borrowing and money printing. 

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President Joe Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021 at U.N. headquarters in New York City.  (Photo by Timothy A. Clary-Pool/Getty Images / Getty Images)

The only way to whip inflation is a complete policy reset — i.e., abandoning the progressive agenda. They won’t do it. That’s why the GOP should be advancing a pro-growth, balanced budget plan and be ready to hit the ground running next January after the Congress changes hands and this little, historical sliver of a temporary progressive interlude comes to an end. 

Save America, balance the budget. Yes, the cavalry is coming. 

This article is adapted from Larry Kudlow’s opening commentary on the May 19, 2022, edition of “Kudlow.”



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