The blame game that was so popular with leftists when Trump was in office is a treat they just can’t give up. So no matter what or when it is, Biden blames Trump. It’s absurd. Larry Kudlow breaks down the economics of the Trump obsession of the Left and its ongoing function.
Chuck Schumer complained about gas prices under President Trump.
They are currently higher under Joe Biden.
So why is he silent now?
— Daniel Turner (@DanielTurnerPTF) December 1, 2021
MORE NEWS: Two Voices On The Biden Economy
Kudlow: Did you know that more Americans have died of COVID in 2021 than in all of 2020? Tragic. But those are the facts.
Did you know that Joe Biden called Donald Trump every name in the book when the former president put in a travel ban for China and Europe? Every name in the book. Now, however, Mr. Biden himself is utilizing a travel ban on southern Africa. What goes around, comes around.
Did you also know that the inflation rate under Joe Biden started to rise last March and is presently 7.6% at an annual rate through October? During that period, real GDP increased 4.4% SAAR. In President Trump’s last year, or his last three quarters of the V-shaped recovery, GDP growth was 14.9% SAAR. And the CPI inflation was 2.8%.
So, just at this point, even while Mr. Biden blames Trump for everything under the sun, Trump had higher growth and lower inflation. Uncle Joe has lower growth and much higher inflation. And the real inflation began in March and April, just about the same time the Bidens pushed a $2 trillion relief package into public hands, which, by the way, was a deterrent to work.
And that deterrent itself was a big reason for the pandemic supply chain bottlenecks. So were rigid union rules. So were bad regulations in the West Coast ports and equally bad regulations on the trucking industry.
But I’m going to argue upfront that President Trump’s economic performance during the pandemic, his V-shaped recovery, was a better performance than Mr. Biden’s with his $2 trillion spending spree, and more reckless spending to come. Also, Mr. Trump had much lower inflation, proving that you can have strong growth with lower inflation, provided that fiscal and monetary policies are cautious and balanced.
And by the way, this was Donald Trump’s second recovery, because his first boom occurred after the historic tax cuts of 2017. One more fact, stay with me folks.
Under President Trump’s energy independence policies of total deregulation of the fossil fuel industries, America was producing a record 13 million-plus barrels per day just on the cusp of the pandemic. During the pandemic storm, the number dropped to 11 million barrels per day, where unfortunately is where it sits today. Why aren’t the producers producing and the drillers drilling? Because of Mr. Biden’s war on fossil fuels, and his obsessive, unproven, and ideologically driven climate change policies.
So wrapping it up folks, problem number one today is inflation. Problem number two is a lack of affordable and plentiful energy. Problem number three is Uncle Sam needs to stop paying people to stay home and not work.
My solution? Senators Manchin and Sinema should pause Biden’s reckless spending and taxing bill until inflation comes down if it ever does. A pause into next year is consistent with Senator Manchin’s recent statements. I sincerely hope he sticks to his guns. Because we need to save America. And kill the bill.