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Kudlow: The only way to whip inflation is to ditch the progressive agenda

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So we start tonight with the front page of the New York Post. That kind of says it all.

Take a look… “Joe’s Train Wreck” – “gasoline hits brutal $6 a gallon, border crisis escalates, Ministry of Truth crashes, market drops 1,164 points – the worst day in two years, formula disaster.”

The only thing the Post missed was that the cavalry is coming because of the sinking of Mr. Biden’s train and I want to generalize about that sinking because in political terms it shows the complete collapse and the failure of the radical left, the progressive agenda or, as Newt Gingrich calls it, “the grand socialism of government.”

A RECESSION IS NOW THE BASE SCENARIO FOR WELLS FARGO

In a few moments, I will speak to Senator Ted Cruz about the failure of radical progressivism, wherever it has been tried and at whatever point in history it has been tried – total failure.

Take the Ministry of Truth fiasco – another attempt by Biden statism to control speech. Disagreement becomes misinformation. That’s right, out of the former Soviet Union or today China, or Venezuela or Cuba. That’s what they do. That’s not what America does.

Now that silly little Mary Poppins leftist, Nina Jankowicz, has made a laughing stock of it, but we mustn’t lose sight of a much more important point — that the Biden administration was trying to control free speech. Specifically, they were trying to control free speech that did not agree with their ideological views. This is radical progressivism.

Fortunately, this specific attempt to control free speech is now dead on arrival, but it is not dead in the minds of the ideologues who populate the Biden administration. Somewhere, somewhere, they’re gonna try to do that again.

The formula disaster is a perfect example of progressive over-regulation and of course, progressive obsession with blaming corporations.

The open border crisis is also a function of the progressive disregard for the rule of law and national sovereignty. It is the direct opposite of “America First”. It’s the notion that we’re all part of one big progressive global family and there’s no need for borders because instead of the national interest, we have what’s called “the global interest”.

MAJORITY OF CEOS PREPARE FOR RECESSION AS EXTREME INFLATION PERSISTS

This is complete nonsense, as ordinary working people in the country who are concerned about the drug epidemic, terrorism, crime wave and sex trafficking will tell you.

The fall in the stock market is a clear sign of recession which I will discuss later in the show.

Record gas prices are, frankly, exactly what the Bidens really want. No matter what they may say, they like $100 crude oil. They love record breaking diesel fuel. They don’t care about truckers and their trucks. They don’t care about business or consumer costs. They don’t care about pipeline safety. They are not interested in our relationship with oil-rich Canada.

For the first time in recent memory, they actually used government intervention to cancel a private sector project that was already under construction.

High fossil fuel prices are supposed to make Green New Deal renewables more attractive in their ideological mindset. The reality is that renewables only make up 3% of our energy, while fossil fuels make up 80% – as ordinary Americans are painfully aware once again.

Wages go up, but inflation rises faster. Biden progressives are completely in inflationary denial of rapid government spending, borrowing and money printing.

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President Joe Biden addresses the 76th session of the United Nations General Assembly on September 21, 2021 at United Nations Headquarters in New York. (Photo by Timothy A. Clary-Pool/Getty Images/Getty Images)

The only way to whip inflation is a complete policy reset – that is, the abandonment of the progressive agenda. They won’t. This is why the GOP should push forward a pro-growth, balanced budget and be ready to kick off next January after Congress changes hands and this historic little slice of temporary progressive interlude ends.

Save America, balance the budget. Yes, the cavalry is coming.

This article is adapted from Larry Kudlow’s opening comment in the May 19, 2022 edition of “Kudlow”.