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Kudlow: US has entered stagflation - YouTube
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now biden and the democrats they
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continue to blame everyone but
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themselves for the mounting crisis
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facing this country inflation is at a
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fresh 40-year high as it has now been
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for months and the prices of everything
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you buy in every store you go to are way
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higher
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this is long before putin invaded gas
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prices you feel the pain at the pump
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heating your home this winter you're
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paying a lot more than you were paying
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last year but if you listen to the left
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wing socialist democratic party and
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their allies and press people in the
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media mob it's only because of vladimir
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putin the dog bites the bee stings if
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you're feeling sad everything that joe
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screws up blame putin take a look
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i would say that since president putin
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uh began his military buildup on
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ukrainian borders the price of gas at
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the pump in america has gone up 75 cents
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no i mean you know he did not cause the
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war which caused prices to surge and you
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heard the president at state's going to
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say putin's price hike putin's price
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hike a putin price hike putin's price
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hike and putin's price hike is a great
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way to message it putin's gas hike i'm
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going to do everything i can to minimize
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putin's price hike here at home
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all right of course facts truth actually
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tells a very different story look at
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your screen the biden administration's
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own economic data shows that inflation
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oh look at that it was surging well
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before putin invaded ukraine gas prices
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the price of used cars food beverage all
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been going up since joey got into office
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and well before putin launched his
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bloody assault against a sovereign
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country ukraine biden and every democrat
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they are lying to you costs are surging
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because of his failed economic and
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energy policies his reckless spending
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and of course his attacks always blame
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the american oil and gas sector they're
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actually making less money according to
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foxbusiness.com
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here to explain more fox business host
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larry kudlow larry i just
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i don't like being lied to
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the putin
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price hike as it relates to gas is bs we
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were almost we're already almost paying
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a buck 50 more a gallon everything we
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buy in every store we have been paying
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more for because it's been month after
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month after month of 40-year high
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inflation vladimir putin didn't cause
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that but this is now the new talking
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point
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explain from your perspective
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well look a couple numbers will help i
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think there's a certain
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inflation amnesia
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going on with biden on the left uh
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gasoline prices were 2.35 cents in
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january of 21.
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by october they were
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3.31 cents up 40 percent that's before
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putin put any troops on the east side of
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the ukraine and as far as the world oil
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price goes sean you were about 52
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in january of 21 and it was 84
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by october of 21. that's a 61 gain
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so that's before putin showed up at all
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those are huge numbers the inflation
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rate consumer prices shown
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less than two percent in december of uh
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2020 and then it gradually surged to
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three to five to seven and a half
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percent before putin invaded by the way
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the latest readings and we haven't seen
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the peak yet the latest readings for the
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cpi plus eight percent year on year
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wholesale prices showing up 10
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and today we got a beauty or yesterday
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import prices up 11
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and it's not over yet and i think you
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were right the seeds were planted with
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the huge big government socialist
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deficit spending package of march 2021
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about one year ago and then they sold
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all that money uh by selling bonds and
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the federal reserve bought the bonds so
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the money supply is surging and it
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continues to surge the fed hasn't done a
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thing so we're in for a big problem but
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those seeds were planted over a year ago
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let me ask you about goldman sachs
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they're now predicting in the next two
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years as many as 11
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interest rate hikes from the fed now
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originally they were predicting three or
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four this year
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then they predicted as many as seven
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this year as interest rates rise what
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will that do
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to the economy overall will it help with
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inflation
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because i think it's going to probably
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hurt the economy more than anything else
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even lawrence summers now
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saying likelihood of a recession is
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pretty high at this point and most
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economists are saying the same thing
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your thoughts
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well i agree i thought what larry
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summers wrote in the paper a couple days
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ago is basically right right now we're
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in stagflation all right the first
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quarter is going to come in about two
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percent sean but the inflation rate is
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going to be about eight percent so
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that's stagflation that's not going away
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interest rates are probably going to go
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up higher than almost anybody is
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anticipating i mean look if you've got
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an eight percent inflation yes actually
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look
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suppose you had a six percent inflation
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rate the basic basic inflation rate
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interest rates are going to have to go
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to seven or eight percent in order to
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quell that the fed's got to stop buying
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bonds and they've got to stop printing
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money that has not been done yet so all
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these estimates from wall street or the
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fed are way too low we are going to have
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to see an enormous increase in interest
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rates and yes that is going to lead to a
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recession the middle class the working
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folks are going to bear the brunt of
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that their real wages are already
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falling and it's going to be worse than
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that
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it's a tragedy because i will tell you
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this sean as a proud alumnus of the
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trump administration we left them with a
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solid v-shaped recovery energy
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independence and virtually no inflation
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and in one year plus they have wrecked
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the whole economic story it's a tragedy
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it consumes the cpi was 1.4 percent now
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it's 7.9 there's your inflation if we
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use the old method back in the carter
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years uh inflation would be at 16
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percent if we calculated calculated it
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using that old method larry kudlow good
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to see you thank you
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