Tags: Trump Administration | kudlow | trump | defend | economy

Kudlow: Trump Will Continue to Defend Our Economy

(AP)

By    |   Monday, 18 November 2019 01:32 PM

White House economic adviser Larry Kudlow proclaimed that President Donald Trump will continue to “defend our economy,” fueling even greater economic growth.

“We are in the midst of an American worker boom where in just two and a half years, average real incomes after tax (are) up about $5,000. That's per family,” the veteran financial guru and former Ronald Reagan adviser said on "The Journal Editorial Report on Fox News.

“Under the prior two administrations, their numbers were flat. We're up $5,000. That's a worker boom, and that's because the president has defended our economy, and he's going to continue to do so,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

Kudlow explained that the economy has continued to grow under Trump despite numerous obstacles.

“We have been very hard hit by severe, overly severe, monetary policies in 2017 and 2018 without any inflation. The Fed slamming on the brakes at exactly the wrong time? Big mistake. And I think it hurt the hard goods area. It hurt other areas but not nearly as much as hard goods,” said Kudlow, assistant to the president for economic policy and director of the White House’s National Economic Council.

“The other thing most recently -- and the quarter just ended and maybe the fourth quarter too -- you had the GM strike, you had the Boeing problems with their new airplane. That should straighten itself out by the first quarter,” said Kudlow, who served as the Trump campaign's senior economic adviser.

Kudlow also said there is “a virtual recession in Europe which did a lot of damage to our manufacturing exports.”

Kudlow admitted the China tariff war “has had an impact but it's a minimal impact on this country.”

Kudlow said China officials are “the ones who have had to slash prices, they're the ones who had to the slash their currency, they're the ones who are losing supply chains left and right.”

For his part, Trump summoned Federal Reserve Chairman Jerome Powell to the White House on Monday to discuss the economy and interest rates — issues on which Trump has repeatedly attacked the Fed.

Trump tweeted after the meeting that it had been "good & cordial."

The Fed said in a statement that Powell’s message to Trump was similar to the one he expressed in congressional testimony last week, when he said that the economy is in good shape and that the Fed would likely suspend its rate cuts for now, the Associated Press reported. The central bank has cut its benchmark short-term rate three times this year to try to support the economy.

For months, Trump has regularly assailed Powell’s leadership of the Fed, an independent agency, for not cutting rates as aggressively as the president would like. The president has called Fed officials “boneheads” and has asserted that the economy and stock market would be performing better if rates were lower or even negative as in Europe and Japan.

Trump tweeted Monday that his meeting with Powell was “very good and cordial.” He added that he and the Fed chairman discussed “interest rates, negative interest, low inflation, easing, Dollar strength and its effect on manufacturing, trade with China, E.U. and others, etc.”

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Economy
White House economic adviser Larry Kudlow proclaimed that President Donald Trump will continue to “defend our economy,” fueling even greater economic growth.
kudlow, trump, defend, economy
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2019-32-18
Monday, 18 November 2019 01:32 PM
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