Larry Kudlow, the Trump White House’s Director of the National Economic Council, on Thursday admitted on Fox News he was wrong about the Biden economy and all the predictions of an economic slowdown and impending recession that turned out to be false.
“Mea culpa,” said Kudlow, who has an extensive financial background including being the chief economist and senior managing director for Bear Sterns, the once powerful but now-defunct investment bank.
“I was wrong about the slowdown and the recession,” Kudlow continued. “So was the entire forecasting fraternity.”
“I don’t think you were wrong,” a Fox News on-air host responded.
“The Fed, everyone was wrong,” Kudlow insisted.
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For nearly two years many economists predicted a recession was imminent, and when it never came some continued the warnings.
But the United States never entered a recession under President Biden, and now economic experts have praised the U.S. economy as having performed the best post-COVID.
“The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024,” Axios reported Wednesday. “America’s outperformance is rooted in its distinctive structural strengths, policy choices, and some luck. It reflects a fundamental resilience in the world’s largest economy that is easy to overlook amid the nation’s problems.”
“All countries were dealing with the same problems of post-pandemic inflation and high interest rates meant to combat it. But the U.S. managed to achieve solid growth in spite of those headwinds,” the report adds.
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Axios also notes that “White House economic adviser Lael Brainard, speaking to reporters last week, cited ‘strong policy actions that were designed to lead to a strong and broad-based recovery faster than we have seen previously in the U.S. — and faster than we saw in other countries.'”
Watch Kudlow’s remarks below or at this link.