You would think that with consumer prices up nearly 20 percent since Joe Biden took office and with a Consumer Price Index snapback in recent months to nearly 5 percent annually — way above the Fed’s 2 percent target — that President Biden, who’s in a heap of trouble on the inflation issue to begin with, would want to do something to curb inflation, and maybe somehow salvage the election.

If you thought that, you would be totally wrong. Mr. Biden has no such intention. By the way, Mr. Biden’s the guy who just told an interviewer that he inherited a 9 percent inflation rate.

Actually, President Trump handed over a 1.4 percent inflation rate, which Mr. Biden subsequently ran up to 9 percent with a huge federal spending and borrowing spree.

Speaking of a federal spending and borrowing spree, a bunch of recent articles have just come out showing that Mr. Biden would just love to spend the up to $1.6 trillion of money that Congress has approved, but the federal bureaucracy has not yet spent out.

The unspent money covers clean energy, electric vehicles, various climate change giveaways and subsidies and tax credits, along with semiconductor manufacturing and who knows what.

The misnamed Inflation Reduction Act is a big culprit in this story. It is still spending out. Even going back to March 2021, which some call the “original sin” of inflation, there’s still Covid money spending out. Really, you can’t make this stuff up.

And, actually, it would be a monumental task, requiring some of the greatest minds alive today to devise ways to spend $1.6 trillion of federal money in the next six months.

Judging from Mr. Biden’s overall performance, he is not in possession of the greatest minds today, but they are all trying their hardest to spend and borrow and somehow buy the election. 

There’s even another $350 billion remaining under the guise of Covid relief. This is for state and local governments. It’s called the Coronavirus State and Local Fiscal Recovery Fund.

It’s bad enough that this thing is still kicking around as a holdover from the misbegotten American Rescue Place of March 2021, but this money is supposed to be spent before the end of 2024. 

Now the Biden Treasury has decided that if the states and localities  plan to spend it after the statutory deadline, they can go on ahead and spend it.

Is this a great country or what?

Now, Republicans will have opportunities to stop this avalanche of inflationary spending. But they’re going to have to get to work in the next ninety days.

Meanwhile, the potential inflationary consequences of these dreadful policies could well lead to higher interest rates and, of course, much greater deficits and borrowing. 

Mr. Biden does not care one whit about inflation, though. No, Mr. Biden is on a self-declared mission to spend his way into becoming the modern-day FDR.

He’s even summoning presidential historians to the White House to advise him on how to do it. He thinks he’s going to win the election this way.

Well, Joe, remember this. FDR had four terms, you might only have one.

From Mr. Kudlow’s broadcast on Fox Business Network.