“THE CLAMAN COUNTDOWN.”. LARRY: HELLO, EVERYONE, WELCOME TO “KUDLOW.” I’M LARRY KUDLOW. SO WE BEGIN, SAVE AMERICA KILL INFLATION. WHY? BECAUSE THE 7 1/2% INFLATION TAX IS DESTROYING WORKING FOLKS POCKETBOOKS AND DEVALUING THE WAGES THEY EARN. THE ROOT CAUSE OF THE INFLATION IS WAY TOO MUCH GOVERNMENT SPENDING, TOO MANY SOCIAL PROGRAMS WITHOUT WORKFARE AND VASTLY TOO MUCH MONEY CREATION BY THE FEDERAL RESERVE. THIS ISN’T HARD. JUST COMMON SENSE. THREE FACTORS, RIGHT, DING, DING, DING, TOO MUCH SPENDING, TOO MANY INCENTIVES NOT TO WORK AND TOO MUCH MONEY THAT LATTER POINT ABOUT THE FEDERAL RESERVE IS PROBABLY THE BIGGEST FACTOR OF ALL.NOW, WE HAD AN INTERESTING INFLATION ANALYSIS THIS WEEKEND FROM HOUSE SPEAKER NANCY PELOSI. ON ONE OF THE SUNDAY TALK SHOWS SHE SAID SKYROCKETING INFLATION IS DUE TO MORE PEOPLE ENTERING THE WORKFORCE. REALLY? I QUOTE, SHE SAID THE FACT THAT PEOPLE HAVE JOBS ALWAYS CONTRIBUTES TO AN INCREASE IN INFLATION AND THAT’S A GOOD THING PELOSI SAID BUT INFLATION IS NOT GOOD. YOU KNOW, WE HAVE TO CONTAIN IT.SO, MADAM SPEAKER, I’M SCRATCHING MY HEAD HERE. YOU CAN’T HAVE IT BOTH WAYS. EITHER YOU BLAME WORKING PEOPLE OR YOU DON’T. NOW SOMEONE LIBERAL ON YOUR STAFF PROBABLY TOLD YOU THERE IS A PHILLIPS CURVE TRADEOFF BETWEEN HIGH INFLATION AND LOW UNEMPLOYMENT BUT THAT PERSON MISLED YOU. HE OR SHE WAS WRONG. THEY Mystified YOU. MORE PEOPLE WORKING IS UNAMBIGUOUSLY GOOD FOR AMERICA, UNAMBIGUOUSLY. MORE PEOPLE WORKING NEVER CAUSES INFLATION. INFLATION IS TOO MUCH MONEY CHASING TOO FEW GOODS BUT THE MORE PEOPLE WHO WORK MEANS MORE PEOPLE ARE PRODUCING MORE GOODS.THAT IS THE SUPPLY SIDE OF THE ECONOMY AND MORE GOODS CHASING THE SAME AMOUNT OF MONEY WOULD ACTUALLY REDUCE PRICES AND LOWER INFLATION. Freedom NOW WORKING FOLKS ARE DEMANDING HIGHER WAGES BECAUSE THEY’RE JUST TRYING TO KEEP UP WITH HIGHER PRICES. IT IS REALLY A PRICE WAGE SPIRAL. WHO CAN BLAME THEM? THEN LATER ON MISS PELOSI SAID ONE OF PRESIDENT BIDEN’S GREAT ACCOMPLISHMENTS WAS THE RESCUE PACKAGE FROM WAS APRIL THAT PUT MONEY IN PEOPLES POCKETS BUT IT IS NOT AN ACHIEVEMENT. IT IS NOT AN ACCOMPLISHMENT. IT WAS A Collapse BECAUSE IT Stimulated HIGH INFLATION. IT CREATED TOO MUCH DEMAND. EVEN WORSE IT IS GOVERNMENT INCOME WITHOUT WORK REQUIREMENTS AND THAT CREATED MORE DEMAND AND LESS SUPPLY AT THE SAME TIME AND THAT IS IN FACT ONE OF THE PRINCIPLE CAUSES OF RAGING INFLATION WE HAVE RIGHT NOW. SO I WILL Simply REPEAT. WANT TO SOLVE INFLATION? PAUSE SPENDING, REFORM WELFARE, AND CURTAIL THE FED’S MONEY SUPPLY.THIS BY THE WAY WAS A KEY PART OF A RECENT MEMO THAT THE VERY BRILLIANT FORMER SENATOR PHIL GRAHAM SENT TO A BRIDGE MUCH OF HIS FRIENDS IN THE HOUSE AND THE SENATE. A TERRIFIC MEMO. I DON’T Speculate.
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