Larry Kudlow tells President Biden to 'quit bankrupting America'
is saying the X-date when the U.S. government runs out of money has been moved up to June 1st. Normally, I wouldn't listen to the Treasury, because it lacks so much credibility. But, checking around town, the CBO also believes that government cash could run out in June, rather than July or August -- so there's a little more credibility there.
Even Republican Senate leader Mitch McConnell is telling Biden to start negotiating with Speaker McCarthy. One reason the government's running out of cash faster than people thought is because of the slumping economy. In fact, the Biden economy in the last five quarters has produced 0.9% growth. In other words, less than 1% over five quarters, or 15 months, with a 6.4% inflation rate. That is a prolonged slump with harmful inflation.
Meanwhile, GDP doesn't really matter to typical working families. But what matters is the soaring price of groceries and gas and the fact that inflation is running faster than their wages. That's the key pocketbook issue.
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