So, I hate to say it, but the president’s “Bidenomics” is really a lot of Biden baloney. I don’t mean to be disrespectful, but he is incapable of telling the truth about the poor state of the American economy.  

To quote my hero, President Lincoln: “You can fool all people some of the time and some people all the time. But you can never fool all people all the time.” 

The AP-NORC University of Chicago poll showed only 30 percent of Americans believe the economy’s good, while 69 percent believe it to be poor. Another poll from the Democracy Institute showed only 26 percent approve of President Biden’s handling of the economy, while 63 percent disapprove.  

What is so baffling about Mr. Biden’s recent economic speeches is his emphasis on manufacturing. He keeps making the case that we’re in some kind of manufacturing boom, but the numbers show we’re in a manufacturing recession. Global manufacturing is in contraction. Especially in the U.S.  

Hat-tip to my pal Peter Boockvar on Substack, who writes that the June S&P global manufacturing PMI was 48.8 — the lowest of the year, and below 50 for the tenth straight month. The June U.S. ISM out Monday was under 50 for the eighth straight month.  

Manufacturing production in May was down 0.3 percent. Business equipment production, which is the key to manufacturing, and probably one of the absolute vital economic indicators, has been negative for two of the last three months.  

Then we checked on Mr. Biden’s boast that the construction of new manufacturing is booming up by something like $500 billion, depending on which speech he gives in whatever town he happens to give it.  

So, we checked, and in inflation-adjusted dollars, real private investment was no better than it was back in 2015, eight years ago, and has barely recovered in the most recent business cycle. So I don’t know where the president gets this stuff.

Oh, wait a minute: He’s phonying up the numbers — by using nominal construction. But that’s because he’s in complete denial about Bidenflation. It’s a Bottomless Pinocchio, and he keeps saying it.

Of course, in his speech today, he repeats the original Bottomless Pinocchio that he cut the deficit by $1.7 trillion — and that no one else has ever done as much. It’s still the original Bottomless Pinocchio, because actually he’s spent $6 trillion, which generated huge inflation, and that inflation continues to this very day.  

Bidenflation overshadows Bidenomics. That’s the man’s problem. The level of consumer prices has increased nearly 16 percent since he came into office. The most recent core CPI report is running 5.3 percent ahead of last year. The Cleveland Fed’s median CPI is 6.7 percent.  

Meanwhile, in Mr. Biden’s first full year in office in 2022 plus the first half of ’23, he has produced an average real GDP growth of 1.3 percent at an annual rate. That isn’t really growth. That’s stagnation, combined with continued high inflation.  

On top of all that, real wages under Bidenomics continue to slump 26 straight months for an average decline of 2.1 percent. These are reasons why Bidenomics has failed. 

Today, for example, the ADP private sector jobs report was up almost 500,000, but the stock market cracked by nearly 400 points — because people fear inflation, which means the Fed will keep raising interest rates, and all that represents a total lack of confidence in Bidenomics.  

I have no idea if the ADP report is accurate or what tomorrow’s official BLS jobs report will bring, but stocks would not fear more people working if we had confidence in low inflation, limited government, minimal regulations, and low tax rates. 

But, wait a minute: That’s Reaganomics. Or Trumponomics. It sure ain’t Bidenomics. 

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