Kudlow: Biden’s Awakened Climate Agenda Would Put the Economy in Permanent Recession

Of course people have asked me, “Are we going into a recession?” or “When are we going into a recession?” Here’s my answer.

If President Joe Biden ever succeeds with his progressive, climate-free and fossil-free agenda, he will be the… US economy in permanent recession† Correct.

Recently in Japan he spoke cheerfully about an incredible transition from fossil fuels. He is more than delighted to see skyrocketing gasoline prices. Then he made his “incredible transition” comment, and then he said, “God willing, when it’s over, we’ll be stronger and the world will be stronger.”

My answer is that if Biden’s dream ever comes true, God willing, we may still have an economy, because we never will. a healthy economy without fossil fuels. Point.

US ECONOMY BY COLOR OF STAGFLATION, WARNS WORLD’S LARGEST HEDGEFUND

US President Joe Biden delivers a speech at the state dinner hosted by South Korean President Yoon Suk Yeol at the National Museum of Korea, in Seoul, South Korea, Saturday, May 21, 2022. (AP Photo/Lee ​​Jin-man, Pool/AP Newsroom)

I mean, these radical progressive rookies have never explained what is going to replace fossil fuels. As Kevin Hassett mentioned on last night’s program, 70% of the electricity in this country comes from fossil fuels. It will not be replaced by unreliable wind turbines or solar energy.

It could partly be replaced by nuclear energy, but the radical rookies are completely hypocritical about this and are always against nuclear energy. I’m all for electric cars, but it takes fossil fuels to build them. Fossil fuels are needed to extract the resources, and what these radical progressives never consider is the idea of ​​technological progress and innovation that will make fossil fuels — especially natural gas and LNG — cleaner and cleaner.

Technology has made our air and water some of the cleanest of all the major countries in the world. Therefore, there is no emergency. Therefore, there is no immediate existential climate threat

Former EPA Commissioner Scott Pruitt recently told us about the tremendous progress in carbon capture and storage that will make fossil fuels cleaner and cleaner. Bjorn Lomborg has repeatedly told us the importance of sustaining long-term growth, leading to innovations and technological breakthroughs and avoiding huge financial costs for typical working families.

Mr Biden doesn’t care about middle class workers. Someone just told him that higher gasoline prices will make renewables more attractive. That kind of single entry bookkeeping is why Biden’s progressive presidency is such a failure and then there is the absolute baloney that John Kerry sold at the socialist gathering of the rich man named Davos.

Rich people, like the Disney kids, are begging for higher taxes. Yeah right! You already have money and you have already ruined your amusement park with your waking social mind. and if you want to pay more tax, write a check to the IRS. Feel free to do that. Be my guest, but don’t punish the rest of us.

DEMAND FOR AIR TRAVEL IN MAY RISES DESPITE INCREASED PRICES: REPORT

Meanwhile, Kerry sells all the damage from climate-induced hurricanes, floods and natural disasters… killed by natural disasters 99% down. More climate nonsense.

Then my new favorite story is this poor, truthful banker, who stands up to a fancy conference of investors and tells them not to worry about financial climate risks. Here’s a quote: “baseless, shrill, partisan, selfish, apocalyptic warnings are always wrong.”

The man is absolutely right, but after a political uproar his CEO has suspended him from the bank pending an investigation and I thought we had abolished the ‘disinformation board’. Well, not at HSBC, we didn’t. Here’s a final thought on this.

The NY Fed Did a Survey Last Year: “How Bad Are Weather Disasters for Banks?”

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“Not a big, insignificant or small effect” – that according to Rupert Darwall of the Real Clear Foundation and he further notes that “using climate risk to drive funding flows to net zero (meaning no fossil companies) has led to painfully high oil and gas prices, hurting consumers and businesses and driving up food costs.”

That’s what woke bankers are doing because of wakeful regulators like the SEC and the Federal Reserve and because of a woken up president who has no idea how to save America. But you know what people? The cavalry is coming.

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