Fox Business host Larry Kudlow ripped President Joe Biden’s economic policy Wednesday, saying the president’s agenda was “class warfare nonsense.”
Kudlow, a former Trump administration economic adviser, took issue with Biden’s claims about the state of the economy during a Wednesday speech in Chicago. In the speech, the president claimed that when he took office, “our economy was reeling” and “millions of people were unemployed.”
“Hear this and weep,” Kudlow said before playing a clip of Biden’s speech.
“Just one quick footnote on that one: The economy was reeling at a 6.5% annual growth rate that was given to him on a silver platter by Donald Trump. Today, the economy is actually reeling at a 1% growth rate, so Boss Biden gets another bottomless Pinocchio,” Kudlow said after the clip.
Biden currently has a 38.3% approval rating on the economy compared to a 57% disapproval rate, according to the RealClearPolitics average. Only 31.6% of Americans approve of Biden’s handling of inflation, while 63% disapprove, according to the RealClearPolitics average.
“Biden says his middle out, bottom up, whatever that means, is working. Sure it is, Joe. Couple of new polls out today. YouGov just said 29% of voters, 29% of voters, approve of his inflation policy while 61% disapprove. Overall, a recent AP-NORC-University of Chicago poll says 34% of voters approve of Biden’s economic policy – 34%,” Kudlow said.
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“So, we have a wee bit of a disconnect here between his rhetoric and the reality. Or, in terms of middle out, bottom up, real hourly earnings, aka middle-class wages, are falling 3% at an annual rate. Falling, or real average weekly earnings are dropping at a 5% annual rate. Dropping,” Kudlow continued. “Or, for the bottom quartile of income earners, which is about $38,000 a year or less, they have declined by 2.3% at an annual rate under Joe ‘Bidenomics,’ and for the second quartile, which is 57,000 grand or less, their real weekly wages declined by 3.9% at an annual rate. So much for middle out, bottom up, class warfare.”
Slightly over two-thirds (67%) of Americans say their paychecks are not keeping up with inflation, according to the CNBC All-America Economic Survey released in April.
“After Joe Biden’s $2 trillion American Rescue Plan, which was his landmark policy, a 6 1/2% economy delivered by Donald Trump sputtered to a 1% growth rate in Biden’s first full year, 2022 and early 23′,” Kudlow said. “And after Trump hand delivered a 1.4% inflation rate under “Bidenomics” it soared to a 9% inflation rate, which destroyed family affordability and worker incomes.”
The Consumer Price Index rose by 4.0% in May, after climbing by 4.9% in April. In 2022, the CPI rose by as much as 9.1% in a month, levels not seen in decades.
“Biden has spent roughly $6 trillion, raised taxes across the board, generated over $500 billion worth of new regulations. He has waged war on fossil fuels, more warfare against small and large businesses, put together a massive vote buying grifting industrial policy and engaged in the most central planning this country has ever seen,” Kudlow said. “Big government socialism has been jammed down crazy left-wing nostrums like Green New Deals, no gas-powered cars, no microwaves, gas burning stoves. Heck, you can’t get decent wood and coal-fired pizza.”
“Save America, please send Joe Biden into retirement,” Kudlow concluded.
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