Let me start with this: Joe Biden is in a heap of trouble. He faces bribery charges at home that are based on fact, not fiction. This is no Hillary Clinton campaign made-up story.
This is senior whistleblowers and bank accounts from the Treasury and audio tapes that have surfaced from FBI reports, even though the FBI has tried desperately to cover them up. Meanwhile, Mr. Biden has chosen to boycott the NATO dinner tonight, which is unheard of for a U.S. president, leading not only the largest country and the biggest military powerhouse in the alliance, but also its principal financier.
He's saying "no" to Ukraine NATO membership – OK, he may have a point there – but he's not even going to talk to Zelenskyy and the others about this decision. This bad-boy behavior comes right after his Treasury Secretary Janet Yellen was caught on camera bowing and scraping before the number two Chinese communist.
So, let me get this right: we're bowing to the Chinese, and boycotting our allies? Does anybody get that? Does anybody understand that? Mr. Biden faces a slumping econobmy and a sticky inflation problem, as real wages keep sinking and the middle class, blue collar working folks are in full revolt.
JUNE INFLATION REPORT LIKELY TO SHOW THE 'WAR HASN'T YET BEEN WON'
Witness the UAW leadership, which is skewering President Biden because of severe cuts to auto workers' wages, resulting from Biden's radical climate policies. UAW President Shawn Fain blasted Biden climate policies, "there have been clear winners and losers and the same people who've always won, the corporate elite, and the billionaire class, seem to think they can keep calling the shots."
Remember, Joe Biden's supposed to be the "union president." Now, a study by the liberal left "Good Jobs First", funded by labor unions, concluded that "EV plants will each receive more than a billion dollars a year from the U.S. government, with no requirement to pay good wages to production workers."
Actually, the badly misnamed "Inflation Reduction Act" that the UAW opposes -- that is really a massive Green New Deal climate giveaway to big corporations, Biden political donors and various Democratic woke and DEI interest groups -- is also a fiscal fiasco.
Recently, the Joint Tax Committee has re-estimated the cost of all the massive "greeny" tax credits from a $400 billion price-tag to a $790 billion price-tag. The Penn Wharton economic model has put it at $1.2 trillion.
Anyway, House Republicans wisely have tried to pair back this monstrosity. So far, they haven't had much luck. At the same time, the House did pass H.R. 1, which would have reopened the fossil fuel spigots through more drilling, leasing, permitting, pipelining, refining, and LNG exporting.
Let's face it. The U.S. has the cleanest natural gas and oil for that matter. Over the last 10 years, U.S. carbon emissions have dropped 1.2 billion tons -- by far, the biggest carbon decline of any industrialized country. China, India, Russia and Saudi Arabia have led the way toward carbon increases.
Now, the GOP wants to roll back subsidies, stop ESG and decarbonization banks and investment managers. This would place fossils on a more even playing field with renewables for an all-of-the-above energy policy that would once again lead to American energy dominance around the world.
Believe it or not – this is so wonderful – a recent study from Joe Biden's own Council of Economic Advisors and Office of Management & Budget shows that a 2.2℉ increase in climate warming over the past 120 years has had a miniscule, miniscule impact on American GDP and did not stop progress in virtually every area of life.
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Another 2℉ warming increase over the next 80 years, according to their study, will similarly have virtually no impact on the economy. That is the Biden CEA and OMB, but I don’t think he ever talks to them and I know he didn’t read their report.
Finally, American ingenuity and technological advances will make all these energy sources cleaner, cheaper and more accessible. If we just let free-market policies proliferate and stop the top-down central planning that has so badly failed – something weirdly called "Bidenomics."
This article is adapted from Larry Kudlow’s opening commentary on the July 11, 2023, edition of "Kudlow."
