.larry_kudlow: Cut spending, taxes and regulations in order to generate a big recovery
President Joe Biden speaks during the"Accelerating Clean Technology Innovation and Deployment" event at the COP26 U.N. Climate Summit, Nov. 2, 2021, in Glasgow, Scotland.As you know, the two will meet tomorrow in the White House and there is tremendous urgency to this meeting for the simple reason that the economy is steadily losing altitude and is heading for a recession.
People are living paycheck-to-paycheck, with their expenses rising faster than their incomes, across the board. According to the Morning Consult poll, 28% of Americans making less than $50,000 a year are spending more than they earn. 28%! That's a big number. That's good progress, but it's still over twice the Fed's 2% target. Meanwhile, for typical American families, key prices continue to rise rapidly. Food at home up nearly 12%, away from home over 8%.
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