LARRY KUDLOW: America will be great again
On Wednesday, President Donald Trump gave a barnburner of a speech in Waukesha, Wis., laying out his future economic agenda: strict federal spending controls, extending the successful Trump tax cuts, "drill, baby, drill" and other de-regulation measures.
It is the sort of thing that could launch another Trump economic boom, especially for working-class Americans. Joe Biden, on the other hand, has a future agenda that includes roughly a $5 trillion tax hike, federal debt running upwards of $50 trillion. He's already put in $1.3 trillion in regulatory cost red tape.
Trump wants to reward success. Biden wants to punish it. Biden's heavy-footed federal spending and easy-money Federal Reserve have produced a 19% increase in the CPI in 38 months, which comes to a 6.1% annual inflation rate.
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For Donald Trump's entire four-year term, the CPI went up a mere 7% — or 1.9% annually. That's a big difference. Real wages under Mr. Trump rose over 9%. Thus far, under Biden, they have fallen over 4%. Joe Biden has spawned an affordability crisis for working folks. Donald Trump created opportunity zones across the country.
Of course, Trump closed the border and Biden opened it. Trump is a law-and-order man. Biden has lost control over the nation's safety. Whenever he can escape court appearances from an insane trial in New York that never should've been brought in the first place, here's 45 mixing and mingling at Harlem bodegas, with Midtown construction workers and New York firefighters — A.K.A., he's a man of middle-class working folks.
According to a recent poll, 55% of Americans view Trump's presidency as a success; 61% say Biden's is a failure. There are reasons for that, and lately, once again, in Joe Biden's economy, inflation is going up and business activity is going down.
Jobs are softening. Supply managers are reporting lower manufacturing and even weaker services. DEI and antisemitism are running wild on college campuses as far left-wingers are engaging in violence and disruption. Mr. Biden won't do a thing about it.
The Bidens have lifted oil sanctions on Iran, never truly put them on Russia and won't say a peep to China, which is financing two wars by buying oil from our enemies. None of this happened under Trump. Ronald Reagan used to say that strength at home creates strength abroad, but he also knew that weakness at home led to weakness overseas.
Joe Biden is an appeaser. Donald Trump is a tough and feared negotiator. America will be great again — trust me on that — but it is high time for a change in leadership.
This article is adapted from Larry Kudlow’s opening commentary on the May 3, 2024, edition of "Kudlow."