White House economic adviser Larry Kudlow Tuesday refused to back down on his contention that the United States can survive until the end of the year without another round of stimulus relief, as the nation is in a "self-sustaining recovery."
"Besides the jobs, we are in a housing boom, autos boom, a consumer spending boom," Kudlow said on Fox News' "America's Newsroom." "Inventories are rock bottom. They will be rebuilt. Small businesses have greater confidence. No, the economy is rebounding. It is V-shape, at least 20% in (quarter) 3 and probably Q4."
Kudlow also denied that there is a new focus on the economy as an election talking point, as the economy has "always been a key focus."
"The economy for the three years before the pandemic was spectacular with a 3.5% unemployment rate," said Kudlow. "The pandemic contraction was brutal and there is still a lot of hardship."
President Donald Trump has led a "rescue mission," he continued, and even though talks have stalled for another round of coronavirus relief, "we have had a terrific recovery."
The jobs report released last week showed, 8.4% unemployment, which nobody expected until early next year, Kudlow said.
Kudlow said he also agrees with Trump's comments that he will create 10 million jobs next year if he's reelected, but disagrees with Federal Reserve Chairman Jerome Powell who says it will take a lot longer.
"The Fed chair has his own views," said Kudlow. "He has done a great job getting interest rates to zero and making loans to key areas and getting money into the economy. I have no quarrel with his actions. We're a little more optimistic."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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