Larry Kudlow: These major energy provisions are insane

Larry Kudlow / FOXBusiness

In recent nights, you've heard my double-barreled criticism of the so-called "Inflation Reduction Act," a $750 billion monstrosity that does not reduce inflation, does not reduce global warming, does raise taxes for middle-class working folks, will deepen recession and has not one iota, scintilla, whit, shred or morsel of economic growth incentives.

An Economist/YouGov poll shows that just 12% think the bill will reduce inflation, but 40% think it will increase inflation. Speaking of recession, we had a soft retail sales number today and the GDP tracker from the Atlanta Fed dropped to 1.6% growth in Q3, from 2.5% just ten days ago and, as you know, GDP declined in the first two quarters of the year. 

Big-box retailer Target reported a 90% drop in profits and sales fell way below estimates. Yesterday, housing starts and permits fell significantly. A new TIPP poll showed 62% of Americans believe the U.S. is in a recession. Read more and see video here.