Kudlow: Biden’s admin should be ashamed of himself
Please allow me to riff on two separate topics. First, there are some odds and ends about the Supreme Court leak scandal Roe v. Wade.
Chief Justice John Roberts called the leak of an Alito draft op-ed absolutely appalling and went on to say that if the person behind it thinks it will affect our work, that’s just plain nonsense. Good for John Roberts and on a related point, it is absolutely appalling that Madame Psaki continues to refuse to condemn the leaking of the Supreme’s draft opinion.
Imagine if Donald Trump or a senior official in his administration leaked a controversial memo on almost any topic. You would think that Ms. Psaki and the progressive Democrats would be shouting, yelping, jumping up and down, calling for immediate impeachment. I bet they would.
In fact, didn’t they kind of do that, with the whole bogus Russian collusion argument that has now been discredited? Trump didn’t even leak that, it was leaked against him.
And yet, on another related point, you have this crazy group called Ruth Sent Us, and they’ve published the home addresses of not only Chief Justice Roberts, but also Justices Amy Coney Barrett, Samuel Alito, Brett Kavanaugh, Clarence Thomas and Neil Gorsuch. In other words, start a war on the Supreme Court.
Perhaps not surprisingly, as the far left wanted to defund the police. Now they want to defund the Supremes – maybe even destroy the Supremes. So after calling Trump’s Republicans “extremists” and seeing these progressive activists plan protests and threaten judges at home, Madame Psaki defends it as nothing more than a “peaceful protest.” That’s it, peaceful protests, just like the peaceful Black Lives Matter protests a few summers ago outside the McCloskey house in St. Louis, or the mostly peaceful protests in Minneapolis, Seattle, Portland, and New York. You know, it was Black Lives Matter, Antifa and others from the far left.
What I mean is that these peaceful protests turn into violent protests and progressives in the Democratic Party never seem to issue a single cry of protest against violent protesters and letting this group protest against Supreme Court justices , they follow the same pattern of violence and neither President Biden, nor his press secretary, nor anyone else in his administration, as far as I know, utters – it’s true – utters a word of protest. I would say that’s pretty pathetic, isn’t it?
Ironically, it was the late Justice Ruth Bader Ginsberg who questioned the constitutional logic of Roe v. Wade.
The Biden administration should be ashamed of itself. They should be defending the safety of the judges, but they are not doing it and they are going to lose their political support because of their misbehaviour. You wait and see, people.
Just to top off this part of my riff tonight, I’m going to repeat what I’ve been repeating all week following this Roe v. Wade and that is, with all due respect to those who may disagree, nevertheless I have to say it: Someone has to defend the life of the unborn.
Sixty-three million children have died since Roe was ruled in 1973 and most people today favor restrictions on abortion outside of the first trimester, which is essentially what the case argues. from Mississippi.
So let me say again: Save America. Save America’s Children.
Now back to the economy, it’s been a tough week.
It looks like key averages will be down for their sixth consecutive week. Market interest rates are rising. The 10-year bond jumped more than 3%. 30-year mortgages are around 5.5%. Labor costs have jumped more than 7% and most measures of inflation are hovering around 8%.
The Fed raised its target rate by 50 basis points. The biggest jump from a one-day meeting in two decades; but the problem is that the rate of inflation has reached its fastest pace in four decades. Thus, they stay behind the curve. We are in a tougher sled when it comes to financial markets.
Part of the reason is past mistakes that the Biden administration and Jay Powell’s Fed refuse to own and if they don’t, chances are they won’t fix them. Both blame inflation on Vladimir Putin and COVID, which I think is mostly hogwash. Excessive spending, excessive borrowing, excessive deficit financing, excessive money printing and excessive regulation are the culprits.
Right now, I don’t think people have any faith in Biden or Powell. Powell hasn’t even been reconfirmed. They should have put Larry Summers in there, who had the right story and still does.
Powell is trying to whitewash the problem of inflation and the ultimate threat of recession. The longer it waits to act decisively, the worse inflation will get, the deeper the recession and the more costly the consequences for workers and investors everywhere.
Today’s employment numbers were basically okay, a little weak, but no recession yet. At the pre-pandemic peak of Trump’s boom, in February 2020, nonfarm payrolls stood at 152.5 million. With today’s increase of 428,000 jobs, we are still 1.2 million jobs below the pre-pandemic peak.
In other words, we are not yet creating new jobs. We are still replacing jobs lost in a pandemic and this is not the kind of healthy economic boom we should be in. We are still at the stage of high inflation.
A former Fed vice chairman said the Fed’s target rate should rise to 4%. It’s less than 1% right now. Tremendous. Where were you a year ago?
The Fed has not stopped buying bonds. They still print money. It seems to me that it would be virtually impossible to avoid a recession in the next two years. We need pro-growth leadership, sound money, supply side deregulation, but what we get is big government socialism, easy money, more spending, more regulations and more taxes.
It’s not good. Everything is upside down. It’s time for a change. Save America. Kill all those expense bills. The cavalry arrives.
This article is adapted from Larry Kudlow’s opening comment in the May 6, 2022 edition of “Kudlow”.