Time for a Golden Oldie: Save America, Kill the Bill

So, Senator Manchin may not break my heart after all. The things being bandied about in the reconciliation package are so bad in every way that it is just unimaginable to me that my favorite Democratic senator will go along with it. In round numbers, there’s a trillion dollars in spending and a trillion dollars in tax hikes. The spending would add to inflation and the tax hikes would deepen the recession.I understand that President Biden never passed Econ 101 — nor did his key intern or for that matter his press secretary — and will never understand why this “Build Back Smaller” is a terrible idea. But I have a lot more confidence in Mr. Manchin, and, for that matter, Senator Sinema.While it’s true we don’t know specifics, there’s a lot of new social spending in this Chuck Schumer special. New subsidies for Obamacare. Yet another expansion of Medicaid. And let’s not forget: Allowing Medicare to set drug prices — a.k.a., price controls — which would do great damage to America’s innovative pharmaceutical and biotech sectors. They are the best in the world. Price controls would make them third best in the world.Have we forgotten President Trump’s “Operation Warp Speed,” when American pharmas delivered a vaccine in supersonic time? The Democrats have forgotten. Or, more likely, they never acknowledged it in the first place. Then there’s a trillion-dollar tax hike that could land on corporations and the wealthy. Bet the Dems will try to stick in an excess profits tax, too.Senator McConnell is right to say “no” to the reconciliation bill, coupling that with a pledge to say “no” to the so-called China Competes Bill, which I also think is a bad idea. Any legislation getting through the Senate has to go to the House, and the left-wing Democrats in the House will double or triple social spending and taxes. The good news there is that the woke, progressive House version would never pass muster with Mr. Manchin or Ms. Sinema or the Senate. Just saying.So, tonight’s mantra is a golden oldie. Save America. Kill the bill. From Mr. Kudlow’s broadcast on Fox Business News.

Time for a Golden Oldie: Save America, Kill the Bill

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