White House economic adviser Larry Kudlow urges all Americans to give President Donald Trump’s negotiating strategy more time because the “entire world” will benefit if all goes if planned because he “is doing the Lord’s work.”
As evidence, Kudlow offers the thriving U.S. economy since Trump took office.
“Rolling back taxes, helping business, helping energy, rolling back regulations. That stuff is working. It is taking hold,” he recently told Fox Business Network.
“We are killing it on the economy. Capital is flowing here from all over the world,” the head of the National Economic Council that advises Trump said.
“President Trump inherited a broken system and as I have said a million times, blaming Trump is not right. He is trying to fix something that nobody wanted to touch the last 20 years," the veteran financial guru and former Ronald Reagan adviser
“These things are hard to do. Give him a chance. I do not believe there is a case to be made that the president's trade reform efforts are damaging the American economy. Quite the contrary, quite the contrary. He is acting in the best interests of the U.S.," Kudlow said.
“The story this year in 2018 is not about a fictionalized version of the White House. The story is about an economic boom that virtually everybody said was impossible, but in fact it is happening, and it is picking up steam,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
“I think he is doing the Lord's work,” Kudlow said.
“The president wants to lower the barriers, let's play by the rules. This is particularly aimed at China, which is the worst offender stealing technology. The president is determined. He inherited a broken trading system. The world trade organization needs to be reformed," Kudlow said.
"Other countries, including our allies, we can all do better And if we lower trade barriers, and give the United States a chance to export, we will do great because we're the most competitive economy in the world right now," said Kudlow, who served as the Trump campaign's senior economic adviser.
“And we are now entering into a capital goods business spending boom. Productivity, more capital per worker, better training, people coming out of the woodwork to get a job.” he said.
“They see how good the jobs are. Anybody that think this is is one-off, anybody thinks this is just 4% second quarter. Think again,” he said.
Gross domestic product increased at a 4.2 percent annualized rate, the Commerce Department recently said in its second estimate of GDP growth for the April-June quarter. That was slightly up from the 4.1 percent pace of expansion reported in July and was the fastest rate since the third quarter of 2014.
The economy grew at a 2.2 percent pace in the January-March period. The slight upward revision to growth last quarter reflected more business spending on software than previously estimated and less imported petroleum.
Stronger software investment and a smaller import bill offset a downward revision to consumer spending. Trump, whose administration has vowed to boost annual economic growth to 3 percent on a sustainable basis, cheered the revised second-quarter data.
“Our country is doing great!” Trump tweeted.
The economy expanded 3.2 percent in the first half of 2018, up from the 3.1 percent estimated last month. Compared to the second quarter of 2017, output increased 2.9 percent instead of the previously reported 2.8 percent. Economists, however, cautioned that the second-quarter growth pace was unsustainable as it was largely driven by one-off factors.
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