Kudlow: Biden Admin on Inflation 'Apology Tour'
Larry Kudlow, former director of the White House National Economic Council (Photo by Joe Raedle/Getty Images)
By Nick Koutsobinas | Sunday, 05 June 2022 07:34 PM
Former economist for the Trump administration Larry Kudlow joked to "The Cats Roundtable," hosted by John Catsimatidis, that Treasury Secretary Janet Yellen was on an inflation "apology tour." During her appearance with CNBC on Wednesday, Yellen apologized for statements she made last year calling inflation "transitory."
"They are on this inflation forgiveness tour," Kudlow said of the Biden administration. "Janet Yellen did one of these hostage video apologies on CNN … saying, 'Oh my God. I'm so sorry. I used to love America. Now, I hate America. I used to ignore inflation. Now, I acknowledge, I was completely wrong.'"
So now, Kudlow said, President Joe Biden, "after the jobs report … wants to be real clear about the root causes of inflation — and then proceeds to blame Vladimir Putin."
But Biden has said "nothing about stopping the supply of oil and gas … Nothing about the $2 trillion stimulus package," Kudlow continued. "Nothing about the … Build Back Better packages that he wanted. He says we're going to be absolutely clear and transparent with the public about the absolute root cause of inflation. And then he blames Vladimir Putin. Really?"
On Monday, Biden wrote in an op-ed to The Wall Street Journal his "Plan for Fighting Inflation."
In it, Biden wrote, "I ran for president because I was tired of the so-called trickle-down economy." The president then proceeded to define his plan for fighting inflation in three steps. The first involved appointing "highly qualified people from both parties to lead" the Federal Reserve.
In the second step, Biden wrote, "We can't let up on our global effort to punish Mr. Putin for what he's done, and we must mitigate these effects for American consumers. That is why I led the largest release from global oil reserves in history." He also added that through his "Housing Supply Action Plan," he would "make housing more affordable by building more than a million more units." Additionally, he added he would lower the cost of prescription drugs by giving "Medicare the power to negotiate with pharmaceutical companies."
Biden said in his final point that by lowering the federal deficit, he would, by proxy, lower inflation. He said the United States could achieve lower inflation by making "reforms to the tax code."
"The Internal Revenue Service," Biden wrote, "should have the resources to collect taxes that Americans already owe. We should level the international taxation playing field so companies no longer have an incentive to shift jobs and profits overseas. And we should end the outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter."
But Kudlow said Biden's interest in promoting a green agenda is at odds with producing more energy to curb inflation. "And this inflation forgiveness tour is not gonna change … and the op-ed piece he wrote in The Wall Street Journal actually calls for more spending … and again he wants more Green New Deal tax credits."