Stories >> Economics

Larry Kudlow: The Many Reasons Why Radical Progressivism Is a Total Failure

Biden progressives are completely in denial about the inflationism of rapid government spending, borrowing, and money printing. Let's begin with the front page of the New York Post. This kind of says it all: "Joe's Train Wreck: Gas hits brutal $6 a gallon; Border crisis gets worse; Ministry of Truth collapses; Market drops 1,164, worst day in two years; Baby formula disaster."

The only thing the Post missed is that the cavalry is coming – and that's because of President Biden's train wreck. 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."

This all points to 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 Mr. 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 the Ministry of Truth 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, someplace, they're going to try to do this again.

The baby formula disaster is a perfect example of progressive overregulation, 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." It's utter nonsense, as ordinary working people around the country – those who are concerned about the drug epidemic, and terrorism, and the crime wave, and sex trafficking – will tell you.

The stock market smackdown is a clear recession signal. 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 percent of our power while fossil fuels are 80 percent, 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.

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.

From Mr. Kudlow's broadcast on Fox Business News.

Mr. Kudlow is a Fox News Media contributor. His show "Kudlow" airs at 4 pm ET weekdays. He is also syndicated radio host of "The Larry Kudlow Show" that broadcasts every Saturday from 10 am to 1 pm ET.

Click to Link

Posted: May 19, 2022 Thursday 07:15 PM