Trump's senior adviser Larry Kudlow infamously said 'there's no recession coming' ahead of the recession that began in 2007.
Trump’s senior economic adviser told reporters that despite the plunge in the stock market, the “economy’s very sound.” Kudlow said almost the exact same words as the Great Recession began in 2007.
Kudlow held a gaggle with reporters this morning as the stock market dropped, erasing gains in the Dow Jones Industrial Average made over 2018.
Kudlow told the crowd, “The economy’s very sound,” according to CBS White House correspondent, Matt Knoller. Kudlow noted that “corrections come and go,” but that “the economy’s doing very well.”
He also said, “Recession is so far in the distance, I can’t see it.”
Kudlow is a former pundit from CNBC who Trump picked to head the National Economic Council. When Trump offered him the position he remarked on how “handsome” Kudlow looked on TV.
Based on Kudlow’s track record, investors, Americans, and the rest of the world might begin to worry about the economic future.
The National Bureau of Economic Research marked the beginning of the Great Recession as December of 2017. The period of economic contraction would last for 19 months, causing major economic and social upheaval in the United States and across the world.
As the recession began, Kudlow famously said, “There’s no recession coming. The pessimistas were wrong. It’s not going to happen … ” He also said, “Despite all the doom and gloom from the economic pessimistas, the resilient U.S. economy continues moving ahead.”
The comment was an extension of Kudlow’s over-the-top cheerleading of the economic policies pushed by President George W. Bush that contributed to the collapse.
As the real estate bubble grew, Kudlow complained about “bubbleheads who expect housing-price crashes.”
Trump inherited an economy in recovery, thanks to President Barack Obama, and has proceeded to push policy and legislation that could harm economic growth.
And he appointed Kudlow, a man with a horrible record of forecasting the economy, as his top economic adviser. Because, like other members of his inner circle, he saw him on television a lot.
Published with permission of The American Independent.