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Larry Kudlow calls out Biden’s economic agenda after the State of the Union
FOX Business host Larry Kudlow reacts to the president’s State of the Union address on ‘Kudlow.’
In last night’s State of the Union speech, President Joe Biden had a whole bunch of whoppers and tall tales and fabrications that never seem to coincide with factual reality.
The Committee to Unleash Prosperity’s hotline reports on the budget deficit, a familiar Biden untruth when he says he reduced the deficit by $1.7 trillion – a number he’s carried on with for years and the Washington Post gave him a Bottomless Pinocchio for.
The reality is Mr. Biden generated about $6 trillion of red ink during his term and the latest CBO baseline shows that federal debt in public hands is projected to rise to $48 trillion, or 116% of GDP – both unheard of numbers.
The House Budget Committee estimates that Biden’s most recent budget includes $82 trillion in spending over 10 years, eclipsing 24.8% of GDP, which is $21 trillion higher than the pre-Biden CBO projections, and is 21.1% more spending than the historical average of the past half-century.
AMERICANS DISH THE TRUTH ON BIDEN’S INFLATION: GOING ‘UP AND UP AND UP’
‘Kudlow’ panelists Taylor Riggs and John Carney discuss inflation rate targets and react to President Biden’s State of the Union address.
Then, of course, Mr. Biden gives the usual left-wing “we will make the rich pay their fair share” pap, which is always an amusing charge, given the fact that the top 1% of earners pay nearly half of the federal income tax – 46% to be precise – even though they earn only 26% of the income.
By the way, study after study shows that lower tax rates reduce tax sheltering and produce more tax revenues. Biden, of course, with the usual far-left Democratic class warfare, promises to grow the economy with a “soak the rich” tax plan that will raise the corporate tax, nearly double the capital gains tax, quadruple the stock buyback tax, and impose a new 25% wealth tax on unrealized capital gains on billionaires, but Biden defines “billionaires” as anyone with more than $100 million, showing once again that he can’t count.
Then, of course, he keeps telling us that he inherited a terrible economy from Donald Trump. The only problem with that assertion is that in the third quarter of 2020, Trump’s COVID V-shaped recovery produced a 33% growth rate, 4.1% GDP growth in the fourth quarter of 2020 and 6.5% in the first quarter of 2021, and – get this – with an inflation rate of 1.4%.
This was not an economy on the brink of disaster, this was an economic silver platter than Trump handed to Biden, who then proceeded to slam it into the ground with a peak 9% inflation rate and two negative GDP quarters in the first half of 2022. Go figure.
One of the many troubles in the Biden economy is the affordability crisis, where typical working families have lost money in the last three years because of the high prices of essential goods and services and lackluster income.
During the Trump years, working folks got a 9% pay increase adjusted for inflation. During the Biden years, they lost nearly 5%. The average oil price under Trump was $53 a barrel. Under Biden it’s been $80 a barrel. The average inflation rate under Biden has been 6% at an annual rate for 3 years. Under Trump, it was 1.9% for his whole four-year term.
Adjusted for the pandemic, Trump created 6.4 million new jobs. Biden — only 5.5 million and, of course, last night, Mr. Biden continued his free-spending ways, but adding a new wrinkle.
He’s going to try to push out a $400 mortgage credit to deal with the mortgage home-ownership affordability crisis, where mortgage rates were 2.5% under Trump and are now over 7% under President Biden and, of course, Mr. Biden wants to forgive student loans even though the Supremes have ruled it unconstitutional.
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Plus, he wants to increase a refundable earned income tax credit, and a refundable child tax credit and a permanent expansion of supersized Obamacare subsidies and the Biden climate war against fossil fuels continues, while he does nothing to solve the open-border war with illegal immigrants and the illegal immigrant-related crime wave.
Yes, Mr. Biden was still standing at the end of his speech, but, no, he’s not doing a thing to make America great again.
This article is adapted from Larry Kudlow’s opening commentary on the March 8 2024, edition of “Kudlow.”
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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