Former Trump economic adviser Larry Kudlow admitted his prediction of a looming recession was wrong and acknowledged that the U.S. economy is doing much better than expected under President Joe Biden.
Speaking on Fox News' “America Reports” Thursday, Kudlow offered a mea culpa.
“I was wrong about the downturn and recession. The same goes for the entire forecasting industry,” said Kudlow, now a host on Fox Business Network.
The Bureau of Economic Analysis' Jan. 25 report showed the country's gross domestic production grew 3.3 percent above expectations last quarter. Biden is hailing the latest GDP data as a victory for his administration and evidence that his economic policies have helped keep the economy afloat and help it recover from the pandemic.
Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas on January 27, 2024 in Las Vegas, Nevada. US President Joe Biden holds…
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“Today we learned that the U.S. economy grew 3.1 percent last year while adding an additional 2.7 million jobs and core inflation fell back toward the pre-pandemic benchmark,” Biden said last week in a statement. “As a result, wages, wealth and employment are now higher than before the pandemic. This is good news for American families and American workers. That’s three years in a row of the economy growing from the center out and from the bottom up.” on my watch.
Regarding the new GDP data from January 25, Kudlow said: “If I were him, I would be bragging about it too.”
The state of the US economy is expected to play a crucial role in the upcoming presidential election, which is now shaping up to be a likely rematch between Biden and Trump.
Earlier this week, Kudlow said on Fox Business Network that “nobody has gotten 2023 right,” adding that the discrepancy between predictions and what actually happened is a question that forecasters and economists need to address .
On Wednesday he said: “Nobody expected a growth rate of over 3 percent in the second half of 2023.” […] We should have had either a major downturn or a recession. Exactly the opposite happened. I don't even look at this left-right relationship. This is something that the business profession needs to sort out.”
Americans are also beginning to warm to Biden's economic policies, despite an existing gap between the state of the economy and voters' perceptions in the polls.
Americans' feelings about business and labor market conditions have risen to their highest level in two years, according to the Conference Board's latest consumer confidence survey.
The consumer confidence index released on Tuesday rose from 108 in December to almost 115 in January – the highest reading since December 2021.
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Newsweek strives to challenge conventional wisdom and find connections in the search for common ground.
Newsweek strives to challenge conventional wisdom and find connections in the search for common ground.
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