U.S. jobs numbers for the final quarter of 2023 (353,000 non-farm jobs) nearly doubled the modestly pessimistic expectations of most economic pundits, including conservative Fox News star Maria Bartiromo and former Trump administration official Larry Kudlow.
Kudlow, who served as the Director of the National Economic Council during the Trump administration, admitted on live TV today that he was wrong about the economy under the Biden administration, an economy that has soared as a result of — Biden’s proponents claim — the President’s economic agenda, dubbed “Bidenomics.”
Kudlow said: “My mea culpa, I was wrong about the slowdown and the recession. So was the entire forecasting fraternity.” When Kudlow’s co-host Sandra Smith interjected and said, “I don’t think you were wrong,” Kudlow waved her off and added, “The Feds, everyone was wrong.”
Kudlow: I was wrong about the slowdown and the recession. Everyone was wrong pic.twitter.com/RtSzREh7Bf
— Acyn (@Acyn) February 1, 2024
It’s not the first time Kudlow has been wrong, of course. While faulty predictions are, as Kudlow implies, stamped on every economist’s record, in 2018 Kudlow falsely claimed that then-President Trump’s tax cut was generating such growth that “the deficit, which was one of the other criticisms, is coming down – and it’s coming down rapidly.”
Kudlow’s statement about the falling deficit, as The Washington Post reported, contradicted “virtually all available data.”
Note: The National Economic Council was created in 1993 by President Bill Clinton, “to coordinate policy-making for domestic and international economic issues; to give economic policy advice to the President; to ensure that policy decisions and programs are consistent with the President’s economic goals; and to monitor implementation of the President’s economic policy agenda.”
Lael Brainard, former Vice Chair of the Federal Reserve, is the current Director of the National Economic Council.
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