Most people know that when you make a mistake in life, the best way to correct it is to, first, own it. Admit it. Nobody’s perfect. It’s okay. Then, after admitting the error of your ways, you can correct it. 

On the other hand, when you keep making mistakes and you don’t own up to it, and you keep repeating the same bad behavior with very bad consequences, you’re never going to fix it. Some call that insanity: making the same mistake over and over.

One person who has never learned this life lesson is President Biden. In his inflation speech today, he continued to play the Biden blame game, whitewashing not only the inflation problem but also his administration’s failure to effectively deal with it.

Once upon a time, as in during the 2020 presidential campaign, Mr. Biden promised different behavior. He was going to take responsibility.

Now, Mr. Biden is singing a different tune, pinning the inflation to Vladimir Putin’s war in Ukraine, the pandemic, price-gouging by poultry companies, excess profits by energy companies, rich people, something called “ultra-MAGA,” something called the “Congressional Republican Plan,” and Senator Scott. The only person he didn’t blame was the man on the moon.

Of course, Mr. Biden said that his own spending shouldn’t be blamed. We wouldn’t think of bringing up the $2 trillion bill from March last year, which generated huge inflation that Mr. Biden today denies. The White House press secretary, Jennifer Psaki, argued yesterday that nobody predicted high inflation a year ago — while in fact a number of Democratic economists did predict it, and have continued to predict high inflation. 

Of course a number of conservative economists made the same forecast, and a recent Fox Poll shows President Biden totally under water, 28 percent to 67 percent approval-disapproval on inflation.

There was no need for that $2 trillion package over a year ago, as the Trump V-shaped recovery was in full force.

Frankly, Mr. Biden continues to campaign for inflationary spending, as he did today, calling for more subsidies, child care, healthcare, Obamacare, housing, and of course green energy. What would a presidential speech be like without more money for the Green New Deal? 

Also he’s still pushing for some version of his “Build Back Better.” The latest CBO priceout was $5 trillion, with $3 trillion of new federal debt. A Biden spokesman today said that BBB was completely paid for, thereby causing sane people to gasp.

There’s never been any evidence or official government charges of price-gouging. No one knows what “excess profits” means. Corporate tax revenues are coming in hand-over-fist at record rates, as the highly successful Trump tax cuts completely pay for themselves. And then, after accusing Republicans of wanting to raise taxes, Mr. Biden reminds us of his own proposal for 36 tax hikes, including 11 on fossil fuels, for a total of $2.5 trillion, which would surely push a shaky economy into a sizable recession.

Really, I think common-sense people would embrace a Biden program that would stop the spending and energy policies, which really are the root causes of inflation. Get rid of these off-the-wall, progressive environmental restrictions and reopen permitting for oil, gas, and pipelines. 

By the way, an easing of these crazy, radical NEPA permitting restrictions would also allow for highway, road, and bridge construction and even Green New Deal projects like wind turbines, solar, electric charging stations, and the like.

Mr. Biden’s not going there, though, he just won’t do it. He won’t recognize the inflationary problems his policies have caused, even while people of all political stripes see it clearly.

Tellingly, one of his spokesmen argued that the energy crisis was Vladimir Putin’s fault, citing January 17, when Mr. Putin put Russian troops in Belarus to threaten invasion.

Gasoline prices, according to this person, were $3.31, and he argued that today’s $4.37 is a function of Mr. Putin. Okay, but what about the prior year? Because in January 2021, gasoline prices were $2.46. How’d they get from there to $3.31 — a 35 percent jump? The answer is energy supply shortages caused by Mr. Biden’s jihad against fossil fuels.

Same with oil: $52 a barrel in January 2021, $83 a barrel on January 17. Up 60 percent. How’d that happen?

Average people have never even heard of the idea that Mr. Putin caused energy prices to go up, and that energy prices caused food prices to go up. 

So, wait a minute, let’s take food and energy out of the CPI. I know that’s silly, because food and energy are what middle class people buy, but fine: I’ll play their game. That leaves the so-called core inflation rate. Guess what? On a 12-month basis, core inflation was 1.8 percent in January 2021 and is now 6.5 percent. That’s triple the Fed’s inflation target of 2 percent. How’d that happen? I just took Mr. Putin out of play. 

Well, the answer is that excessive federal spending, borrowing, and money printing have caused virtually all prices to rise, throughout the consumer price index. It’s not just single prices, and it’s not even just single dictators.

Because price hikes are so widespread, middle-class people are paying about a $5,000 per year inflation tax. Whatever you do, though, just don’t blame Mr. Biden.

From Mr. Kudlow’s broadcast on Fox Business News.