Waiting for Relief From a President Doing Everything in Reverse
From the very beginning of his presidency, Biden and his far-left minions unceasingly attacked fossil fuels.
A poll out today from Quinnipiac — and, mind you, this is a liberal-leaning poll — again shows why voters are not buying what President Biden and the Democrats are selling.
Check this out: The most urgent issue for Republican voters is inflation, with 36 percent saying so, followed by immigration at 23 percent, and crime at 11 percent.
Independents show similar results. Most urgent issues: inflation, 32 percent; immigration, 10 percent. Almost identical.
Incidentally, regarding public enemy no. 1 — inflation — import prices in January were reported to have increased 10.8 percent over the past year. That is a harbinger of higher consumer and wholesale prices. So the inflation story is getting worse.
Now, the poll shows the most urgent issue for Democrats are climate change, at 17 percent, and election laws, 16 percent. Huh? Inflation was only 13 percent?
Yesterday, during his brief White House remarks on Russia and Ukraine, the president warned that a Russian invasion could affect our energy prices. Then he said we’re taking active steps to elevate the pressure on our own energy markets to offset rising prices. He says he’s going to coordinate with major energy consumers and producers, and work with Congress.
I don’t know what any of that means. No one could possibly know what any of that means. Why? Because it doesn’t mean anything.
This administration has at least temporarily ruined America’s great fossil fuel industry. The world’s finest. Two years ago, we were virtually energy independent, producing more than 13 million barrels per day.
Today, we’re stuck at about 11 million barrels per day. Demand has recovered but production has not.
That is because from the very beginning of his presidency, Mr. Biden and his far-left minions unceasingly attacked fossil fuels. In his first hour, after inauguration he ended the Keystone Pipeline.
Then he went on to end Arctic National Wildlife Reserve and Willow drilling, and then raised drilling fees on public lands. It’s been a constant barrage of insults.
Then, he nominated all kinds of climate change radicals to various agencies and they proceeded to beat the drums against oil and gas.
The latest is Sarah Bloom Raskin, whose nomination to the Fed is in trouble because she wants to subvert the central bank’s mission — and instead of fighting inflation, she wants to deny bank loans to fossil fuel companies.
Do you know how stupid this is? Suppose she succeeded. No bank loans to the energy companies, so they go out of business or at a minimum stop drilling and producing and invest their money elsewhere.
Over time, that means the 70 percent of our energy coming from fossil fuels would disappear.
Here’s the key point: There is nothing to replace it. Nothing. There is no alternative plan, just a lot of ideological nonsense on how solar and wind energy is somehow going to go from less than 5 percent to I guess 100 percent of our total. By the way, energy prices would soar.
That’s the irony of the idea of Ms. Raskin at the Fed, someone who should be fighting inflation but who instead would create much more of it.
Tens of millions of jobs would be lost and GDP would implode. There isn’t a single thoughtful greenie who has mapped out an alternative energy structure.
This is just one facet of the Biden agenda that he proclaims on a daily basis and no one else believes. No one. Now, the Putin-Ukraine issue is about many things, but it should never be about energy — though we should not have removed the Nord Stream 2 sanctions, which were a gift to President Putin almost a year ago.
The fact is, a healthy American fossil fuel industry would not even care about Russian oil or natural gas. That might be Europe’s problem, because of its dumb climate change policies, but it shouldn’t be our problem.
A year ago, I put forward my vision of the American economy, one of optimism and faith, of supply-side economics, of free enterprise and free markets, as the best way to a prosperous America. I suggested that a thriving, growing America has so many marvelous opportunities that it makes a happier America. Prosperity at home means strength abroad. Working folks, minorities gaining jobs, and higher wages: I’ve always believed that the greatest welfare program of all is a good-paying job opportunity.
I worked for the Reagan and Trump administrations. I also wrote a book about a supply-side Democrat, John F. Kennedy. My conviction today is as strong as ever. Unfortunately, and I mean this sincerely, Mr. Biden has done everything in reverse.
He has promoted big-government socialism, inflationary spending, higher taxes, and increased regulation, all while immeasurably weakening this country’s standing abroad. His poll numbers have plunged faster and deeper than anyone has ever seen. It’s a pity.
I do believe conservative principles are everlasting, though. Universal. We saved America and killed the bill.
Now, we’ll hang tough while we wait for the cavalry to come in November.
From Mr. Kudlow’s broadcast on Fox Business News.