According to the White House economic adviser of former President Donald Trump, the US economy was doing far better under President Joe Biden than he had anticipated. On Thursday, Larry Kudlow said that his first assessment of a recession under the Democratic president was incorrect.
"I apologize; my assessment of the recession and slowdown was incorrect. Thus was the whole predicting community "Kudlow, a host on Fox Business, said. He backed up when colleague Fox News personality Sandra Smith expressed disagreement with his analysis, saying, "The Fed, everyone was incorrect."
In the latest of many encouraging economic assessments, the Bureau of Economic Analysis said on January 25 that the nation's gross domestic product increased by 3.3% in the last quarter of 2023.
In reference to Biden's reaction to the fresh GDP figures, Kudlow said, "If I were him, I would be gloating about it too." This is a significant revelation because it means that the economy will probably be a major factor in the future presidential race, which is anticipated to pit Biden against Trump again. The economy's growing elasticity may pose a threat to Trump's campaign tactics.
"That is three years in a row of expanding the economy from the middle out and the bottom up under my watch," Biden said in a statement in reaction to the findings.
For over three years, Kudlow oversaw the National Economic Council under President Trump. In spite of a nationwide wave of significant layoffs, Kudlow said, the unemployment rate is still low and monthly job growth are normally positive.
There was more positive news for the Biden administration in the figures provided on Friday. They said that January employment growth in the US economy was 353,000, about double the forecast by experts. According to The Financial Times, US economist Tom Simons of Jefferies called the numbers "shocking" and "near speechless."
"I apologize; my assessment of the recession and slowdown was incorrect. Thus was the whole predicting community "Kudlow, a host on Fox Business, said. He backed up when colleague Fox News personality Sandra Smith expressed disagreement with his analysis, saying, "The Fed, everyone was incorrect."
In the latest of many encouraging economic assessments, the Bureau of Economic Analysis said on January 25 that the nation's gross domestic product increased by 3.3% in the last quarter of 2023.
In reference to Biden's reaction to the fresh GDP figures, Kudlow said, "If I were him, I would be gloating about it too." This is a significant revelation because it means that the economy will probably be a major factor in the future presidential race, which is anticipated to pit Biden against Trump again. The economy's growing elasticity may pose a threat to Trump's campaign tactics.
"That is three years in a row of expanding the economy from the middle out and the bottom up under my watch," Biden said in a statement in reaction to the findings.
For over three years, Kudlow oversaw the National Economic Council under President Trump. In spite of a nationwide wave of significant layoffs, Kudlow said, the unemployment rate is still low and monthly job growth are normally positive.
There was more positive news for the Biden administration in the figures provided on Friday. They said that January employment growth in the US economy was 353,000, about double the forecast by experts. According to The Financial Times, US economist Tom Simons of Jefferies called the numbers "shocking" and "near speechless."
