Kudlow: This is why the Biden administration is falling apart


Larry Kudlow: The Biden anti-inflation plan has crashed

 FOX Business host shreds Biden’s policies on ‘Kudlow.’

So, the Biden anti-inflation plan has crashed like a lead balloon. 

Even their apology tour, with their leading players begging for forgiveness for having missed the inflation threat for a near 14 months, looks more like a hostage video than a real apology. See for yourself: 

JANET YELLEN: Look, I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I, at the time, didn't fully understand.

Ms. Yellen, the president, and other spokespeople will not accept the reality that their modern monetary theory and radical progressive policies of excessive government spending, welfare state expansion, the war against fossil fuels, the regulatory attacks on businesses, and the money printing by the Federal Reserve are the root causes of the high inflation that still faces us and will continue problematically for a good, long while. 


U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021.  (Justin Tallis/Pool via REUTERS/File Photo / Reuters Photos)

It's not Vladimir Putin. It's not pandemic supply shortages. It's the progressive campaign against free-market capitalism and the failed big government socialist attempt to transform America into a state-run economy. 

Mr. Biden has a 35% economic approval rating, according to the RealClearPolitics average, and his recent increase in inflation messaging is not going to change that, but he's got a lot of other problems as well. 

His failing presidency is being rejected by the voters on virtually all accounts. They got inflation wrong. They were always a dollar short and a day late on Ukraine. More recently, they bungled the baby formula crisis. 

In fact, yesterday, the president convened a meeting of the baby food producers and didn't bother to invite the country's largest baby formula producer, Abbott. Really? Is that the Biden version of a public-private partnership? 

It kind of reminds me of when, awhile back, the president convened a meeting with the electric vehicle carmakers. Remember that? All the big guns were there, except, wait a minute, somehow they forgot to invite Elon Musk, whose Tesla company is by far the biggest electric carmaker. 



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This was even before Musk came out in favor of Twitter free speech and even before he said he was so disgusted with the mean Democrats that he's voting Republican this fall. 

No, Elon's sin way back then was that he actually had a non-union factory. Oh my goodness! This is vintage Biden stuff. You got to fit the "woke mode" in order to succeed in Biden-land and stay on the inside track. You have to hate fossil fuels, rich people, large and small businesses, wealth, and you have to love the big welfare state, over-regulation, high taxes, and cheap money. Well, you get the picture. 

Mr. Biden has failed at the border. He's failed at the gas station. He's failed with parents. He's failed with cops, and he's failed in foreign policy, too. 

In some sense, the beginning of the collapse of the Biden presidency occurred with his extraordinary mishandling of Afghanistan —as our military was ordered to rush out of the country, as we fled the Bagram airport, and all of the expensive weapons hardware that we left behind, as our military left before our civilians or their friends, and as even today the U.S. perfidy has still left probably thousands of friends and collaborators in Afghanistan at the mercy of the Taliban. 

Lately, there are a lot of White House gossip rumors of staff resignations and replacements and political arrow-shooting at one another, as White House staff tries to dodge the bullets of failure. 



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I read about 21 Black staffers who are resigning because of a lack of promotion and attention. I also read reports of a top Treasury official and an NEC deputy, both of whom were architects of the Biden tax hike plans, which were doomed to failure as "Build Back Better" never passed and never will pass. 

I can't vouch for any of these personnel changes. As someone who has served twice in the White House, I don't much like to gossip. 

For me, the essential issue is not who's up and who's down in the West Wing pecking order. The essential issue is that the radical progressive policies of this administration have failed. The culprit is the president and only the president. 

For the past nearly 50 years, I've heard people talk about how this president is being manipulated and that president is being manipulated, and this one is taking orders from one of his big shots – blah, blah, blah. But let me tell you, I worked for Reagan, and later for Trump. It is the president who makes the final decision in the Oval Office. 

Nobody told Joe Biden to run as a moderate and then govern as Bernie Sanders and AOC. If his advisers suggested this strategy, which has failed so badly, it was Mr. Biden who agreed to follow it, and that's why his administration is falling apart. 


U.S. President Joe Biden delivers a speech during the state dinner hosted by South Korean President Yoon Suk Yeol at the National Museum of Korea, in Seoul, South Korea, Saturday, May 21, 2022.  (AP Photo/Lee Jin-man, Pool / AP Newsroom)

Big government socialism doesn't work. Modern Monetary Theory doesn't work. Radical woke progressivism doesn't work. America never wanted to be transformed, culturally or economically. 

You know which person in the White House has seen their stock fall the lowest? Who all intelligent fingers are being pointed at? That's easy. The guy's name is Joe Biden. 

This article is adapted from Larry Kudlow's opening commentary on the June 2, 2022, edition of "Kudlow."

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