Im larry kudlow. The New York Times got it w completely wrong talking about donaldrog trumps inflation whh by the way was get this, 1. 6 al an annual rate on average, over the entire firstfi term, 1. 6. Sandra smith and steve forbese will setfo the record straight. Plus House Oversight chair jamet comer will be here to unveil a new subpoena for Merrick Garland and senator mike lee will talk about joe bidens lawless Student Loans and oh, why is wendys jacking up their hamburger prices . And finally, is Mitch Mcconnell about to endorse donald trump and mark simone and David Chaffetz will weigh in later in the show and a aaron comb will e here as well. Im edward lawrencmie is in c washington, swimmingan as best e can. Whats cooking down there today. Reporter sinking in the swamp in washington. The presiden pt is feelingg pressure over the economy, feeling pressure over ukraine funding. The president also feeling pressure with the wave of migrants illegally crossing the southern border. Congressional leadership met with the president in the oval office. The president wanted t to talk about ukraine. Esid the House Speaker pressed the president over border funding. Listen. Were hearing from ther pr American People of all partiesin and all persuasions and allit cities andie states who feel ths acutely, they understand the catastrophe at the border is affecting everyone and it is top of mind for all the americanu an people for that reason. So i brought that issue upn repeatedly today in that roomoo and again one on witm,h one with the president. I think thats our responsibility. To bring that up. Reporter so the white house applying its own pressure, blaming the losses in theba battlefield on ukraine in ukraine on republicans. Were already in some waysoo too late. They lost the town of antifka bb because of ammunition. So in some ways its already having a dramatic effect on the battlefield. Reporter the speaker saying americas needs must come firstm other republicans saying President Biden had three years to fix the situation at the border that hes broke through h unwinding the former president s policies and all of this isen wrapped intot a deadline for a partial Government Shutdown on friday. Heres the president. Ment congress responsibilito fund the government, weve gotmi to sit down. It will damage the economy significantly. We all agree with that. We need a bipartisan solution. Tn reporter the House Minority leader in front of the west wing said that he could see a continuing resolution push this down the road to give more time for negotiations. Back to you you, layer youly. Larry just a quick question, onion, the border issue, wh hast been resolved, if i understand the four corners of the leadership wound up talkingrs abouhit the border even though e thought they were going to talk about a continuing resolution or Government Shutdown. Is the white house leaking, putting out anything about the border story . Reporter no. Meeting was not going to be about border, this meeting was abou avoiding a shun yaind funding. The and ukraine funding. S there iswh nothing out of the white house that there will beon any change on border policies or anything the president is going to do we heard hes considering executive action on the border, possibly limiting people coming across illegally cannot apply for asylum, that sounds familiar to those in the trumpde administration. Nothing has beended. Decided, nothing is happening yet. Larry edward lawrence, the best of the best. Thank you so much. The New York Times writes a piece called trump and inflation. Of course, the gist of it iscall trump policies are going to push prices higher. Trouble is, there was no Inflation Numbers in the entireh piece, nato numbers. So let me help them. Over the fouatror years of prest trumps first term, the consumee price index average, are you ready for this, 1. 9 . At an annual rate for the wholea term, less than the feds target of 2 . Wait a minute. Wait, wait. The fed likes to target something called thes personalc consumption deflater, pce that under mr. Trump came in at 1. 6 at an annual rate. If trump policies held inflatiog below the feds target in the first term and he pursues similar policiesla to he rejuvenate the economy in thee secondhi term, somebody has to tell me why there will be higher inflation. Isnt it joe bidennt that hade inflation problem . That never entered into the New York Times story. Sto so bidenflation measured by the cpi, 6 at an annual rate overe his three years. And the level of the Consumer Price index jumped 18 and ofd course individual prices like groceries, up 20, gasoline up 25, all that continues to plague middle class working folks today. Even though the overall inflation rate has finally eased down from 9 , prices remain verk high. Well talk about wendys in a few moments. By the way, during President Trumps term, Consumer Prices over, co the entire fouryear pi increased only 7 . So the New York Times is on pretty shaky ground for all this, heres another point. Drill, baby, drill. L, th be average oil price during a barrel. Under mr. Biden it has beendi nearly ng 80 a barrel. O hi responding to high war prices, dashhigh oil prices, production has gotten back to 13 Million Barrels a day, thek. Prepandemic peak underd mr. Trump. Without the socialist green newm deal, oiill production should he gone up to 15 Million Barrels a day. The point is, trumps unlocking the oil spigots kepting in prices historically low and the low prices permeate the entire economy. In other words, the New York Times, counter inflation. And there were trumps supplyy side tax cuttas for individualsa corporations and smallrpor businesses. Ll those are inherently counter inflationary, providing new investment incentives. Prod the increased productivity generated higher real wages for the workforce, but at the same time held down prices. Trump will likely extend and even expand his successful tax cut poll sunny a second term and ther ge was the trumpan deregulation, they cut nearly eight regulations for every new significant reg, burning the red tape helped unleash entrepreneurial production and new business formations. Thats counterinflationary, another supply side triumph. Even the push for tough tradeto deals including the increase ina tariffs onls china had virtuallm no inflationary impact. Despite the screaming from conventional economists, the reality is Chinese Companies hac to cut their margins in order to swallow tariff penalties on their ununfair trading practices. Other trade deals like usm ca, japan an south korea lowered tariffs for the most part. E trumps trade defense ofkers American Workers did not lead to higher inflation as so manygu people getes wrong. D finally, look for a Second Administration to be much tougher on federal spending after watching joe bidens 6r tril 6 trillion assault, thatsr heading to 50 trill chron t dollarris in marketable federal debt. Also, the Trump Administration is likely to push for executive budget Impoundment Authority another weapon to cut spending. The New York Times never seems to understand that supply side policies that enhancenh production, add investment, yoau along with a shrinking role for government is inherently counter inflationary. As far as mr. Trump is concerned, he did it once, hes raring to do it again. Alagail right, thats my loop. Try to be helpful to the New York Times. Lets turn to sandra smith and steve forbes, forbes media chairman, editor in chief andsa author of inflation, what it is, why its bad and how to next he it. Well tom to o you. I welcome to you. I just came for the show. That was therapeutic. Larry you sent me the timesmo story this morningrn. Maybe i should read the times more often, maybe not. E re but the reality is, it annoyedyu me. They didnt put in any numbers in. You know, if trump had such a low his inflation rate, 1. 6 for the whole four year period. D an. D heres joe biden with biden inflation, you cant go toflat wendys or mcdonalds and buy a hamburger without seeing the price jacked up. I dont know why this reporter didnt put any of that stuff inr ici hope youre not hungry from noon until 2 00. Larry thats it. You might want to change you your lunch hour to 2 00. Thats a fascinating story. Y the morninorg post put it on the the New York Post you put it on the cover to you day. Larry ry the wendys story. Int thats businesses havinl deal witinh an incredibly uncertain environment. Whats thewhat worst thing for business . Uncertainty, right . This is whatth wereis living ug under this administration. Larry, youre the one whos been saying the economys not so bad but i am looking at right nowaf the average American Family is spending the largest chunk of their disposable income on food, whether in a restaurant or thet Grocery Store than in over 30 of years. Its a great economy if youre not buying a house, baying awh car, going Grocery Shopping orus eating at restaurants. The New York Times article, theo white housnte is not primarily r controlling inflation, no,e no theyre responsible for runnings inflation up to levels thedo country has never seen. You if you want to know why people are sour on the economy when there are metrics pointing to some positive development, i its becauset people just areni taking homnge as much cash. Larry look, gdp is strong. Its being driven a lot by gov government but people cantor afford to lived in the bideno economy. Thats ali problem. B gdidp numbers are coming in strong. Tremendous consumer stimulus from government spending. But youre right, all the things you say is right which i repeated a millions tiles,h affordability is low, real wages are falling. U. S. Stock market is priced in dollars. If you have less buying power, even though the 401k is going up, the dollar is not going as far. Larry why do tax cuts and deregulation cause higher inflation . If trump win ders i would expeco see him he said it a millionx times, hece will make the tax cs permanent, build on the tax cuts, hes going to continue deregulation, how could drill, baby, drill putting more oil in pbe inflationary. How is that going to raise inflation . The guy didnt have inflation in his s term. It raised inflation because trump would be president. Larry oh. , okay. Anything hg hee does is bad. Larry all right. A i got it. Were being to have plagues, parasites and the fact of the matter it is, you hit it in the introduction, if the you have ad stableol dollar, we used to call king dollar, if you have lower prices which is a price on productive work, risk taking an, success, you lower that burden,u guess what happens . The economy prospers. One ofom the things thats killo the Economy Today with this modern socialism is the unending avalanche of new regulations, where do they get theio congressional approval tnao ba the internal Combustion Engine in they didnt. But theyre doing it anyway. Anything that makes life good theyre against. Larry i remember what you said a couple years ago with biden, regulatory inflation,. Modern socialism. Ma. Larry you dont have to buy the steel mills. You do it through governmentyork regulation. Thats what the New York Times and so many people do not understand that. Ny you nailed this actually probably three years ago. Ob and abi want to add one other thing. Trump was always keen this is something people didnt understand. Dollar to remain the worlds reserve currency. E he lookscu at that in terms ofmi making america great. He doesnt want people are saying trump wants a we never had this problem with him. I know he was critical of the fed. He wanted the dollar. Hes going to go pack to deregulation, drill, baby, drill and the tax cuts. How can that be inflationary . The New York Times almost ignores the trump pitch to a address regulation and deregulate. It finally brings it up in onenn of the final paragraphs. If theres one way trump could reduce inflation, it could bece through deregulation, a few republican economists tell the writer of the piece. They may pass the cost savings a along to consumers. Thats someone who may need a an economics 101. Larry whats your favorite thinnog on the wendys menu. I havent been there since n rouge. Larry how was the congestion pricing . I hear they have good chili on the menu. Larry it wouldnt occur to me to buy the chili. Someone is saying its good. They have a good Ice Cream Cone. Larry play the quote fromes yesterdaytes show, the editor n chief from national review. Is it true you were sighted at mcdonalds over the weekend and your whole cash wad was blown. Mcdonalds drivethrough, tws ofo orders of large fries, a large shake, 17. S. I love mcdon at. Ve its the per first time ive goo mcdonalds and felt ripped as no off. Theres not in way he ate t large fries. Larry i 17. How come thats not in the New York Times story. You know what thats called, bidenfl a tion. I was surprised, daves single, 5. 99. Here in times square who is paying 10 for a burger from wendys. Modern socialism will take r toll. California theyre raising the minimum wage to 22. What do you think that will do to food for people who cantou afford the fancy restaurants. It will raise their cost of living. Larry David Malpass was here a week or 10 days ago saying the same thing. T bidens, theyrooe spending way o much but the regulatoryis inflation is massive. Among other things, it stops the flow of goods production. So you havse too much money chasing too few goods. So the gdp is strong. G thdpe inflation continues. You cant afford to live in the biden economy. T thats why its it will be interesting where gas prices are on memorial day. The slogan should be bring back the dishwasher. Larry bring back the d dishwasher, the wood stove. Pizza i dont eat much pizza either. You can watch sandra every day with john roberts on america reports, wednesday no, weekdays at 1 00 p. M. Eastern. I almost made the cut today but i lost out to fani willis. Coming up on kudlow, tonight,e housrse oversight chair james comer will be on set. Hes unveiled his subpoena for attorney general me merrick gard regarding joe bidens classified documents that showed up in the robert hur investigation. You can catch kudlow mondayre through friday at 4 00 p. 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