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

So, we start tonight with the front page of the New York Post. This says it all.

Take a look at…”Joe’s Train Wreck” – “Gas at $6 a Gallon, Border Crisis Worse, Ministry of Truth Crashes, Markets Down 1,164 Points – Worst Day in Two Years, Baby Formula Disaster .”

The only thing the Washington Post misses is that the cavalry is coming due to Mr. Biden’s train wreck, which I want to recap because from a policy perspective it shows the radical left, the complete breakdown of the progressive agenda and Failure, or, as Newt Gingrich calls it, “big government socialism.”

A recession is now Wells Fargo’s base case

In a few moments, I’ll talk to Senator Ted Cruz about the failure of radical progressivism, wherever it’s been tried, at any point in history — a total failure.

Take the Ministry of Truth’s fiasco—another attempt by Biden’s nationalism to control speech. Disagreement turns into misinformation.Yes, from the old USSR or today China, or Venezuela or Cuba. That’s how they do it. This is not what America does.

Now, this silly little Mary Poppins southpaw Nina Jankowicz has turned it into a laughing stock, but we shouldn’t forget the bigger point – the Biden administration’s attempt to rein in free speech. Specifically, they seek to control free speech that is inconsistent with their ideological views. This is radical progressivism.

Fortunately, this concrete attempt to control free speech is now dead, but not in the minds of Biden administration ideologues. Somewhere, somewhere, they’ll try to do it again.

The baby formula disaster is a perfect example of progressive overregulation and, of course, the progressive obsession with blaming the business.

The crisis of open borders is also the result of a gradual disregard for the rule of law and national sovereignty. This is the exact opposite of “America First”. Its concept is that we are all part of a progressive global family that does not need borders because what we have is not a national interest, but something called a “world interest.”

Most CEOs are bracing for a recession as high inflation persists

This is utter nonsense, as ordinary laborers across the country concerned about the drug epidemic, terrorism, crime waves, and sex trafficking will tell you.

The stock market crash is a clear recession signal, which I’ll discuss later in the show.

Frankly, record gas prices are exactly what the Bidens really want. No matter what they say, they love $100 crude. They love record diesels. They don’t care about truck drivers and their trucks. They don’t care about costs to businesses or consumers. They don’t care about plumbing safety. They are not interested in our relationship 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.

Presumably high fossil fuel prices make Green New Deal renewables more attractive in their ideological perceptions. The reality is that renewables make up only 3% of our electricity, and fossil fuels make up 80%—as the average American is painfully aware again.

Wages go up, but inflation rise faster. Biden’s progressives completely deny the inflationism of rapid government spending, borrowing and money printing.

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The only way to whip inflation is to reset policy entirely—that is, to abandon the progressive agenda. They don’t do it. Here’s why Republicans should push for growth, Balanced Budget Plan And ready to go into operation when Congress changes hands next January, the historical slice of this brief progressive episode is coming to an end.

Save America, balance the budget. Yes, here comes the cavalry.

This article is adapted from Larry Kudlow’s opening remarks in the May 19, 2022 issue of “Kudlow”.