Larry Kudlow: Trump responsible for America's economy booms
National Economic Council Director Larry Kudlow told 'Fox & Friends' Trump is to thank for blue-collar boom, record low unemployment -- without the help of the previous administration.
The Trump administration's economic policies have led to a "blue-collar boom," National Economic Council Director Larry Kudlow said Friday.
Appearing on "Fox & Friends" with hosts Lisa Boothe and Brian Kilmeade, the White House economic adviser said that President Trump's capitalist vision revitalized the American economy whereas, under the Obama administration, there should have been a higher percentage of growth.
In celebration of his signing of the Recovery Act, former President Barack Obama tweeted on Monday: "Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history."
President Trump took to Twitter to rebut his claims, writing: "Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration.
"He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing," he added. "NOW, best jobs numbers ever. Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes and regulations WAY DOWN. If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!"
"Now President Obama with all [due] respect -- I'm not here to trash him, I'm justing saying -- their spending and regulating and taxing policy produced a very weak recovery," Kudlow said.
Kudlow said that during his tenure serving in Ronald Reagan's administration and coming off of a "very deep recession," there shouldn't have been just 2 percent growth.
He argued that Trump has changed that in "just three years," citing low taxes, rollbacks in regulation, energy independence, and trade deals that are going to promote an "export boom."
"What I will say is this: coming off a very deep recession like that, we shouldn't have 2 percent or less growth, which is what that administration produced. We should have had 8 or 10 percent growth," he said.
"We've created 500,000 manufacturing jobs -- net that fell under Obama. The blue-collar workers are in a boom. The bottom half is outperforming the top half in wage growth," he continued. "Actually, the bottom quarter of the workforce, their wages, are increasing [by] about 4.5 percent. Those are the so-called production workers. The top quarter is only growing [by] about 3 percent.
"So, here is a thing that we've established," he stated. "In the three years of the Trump recovery...we've had lower unemployment across the board: every minority group, every blue-collar, white-collar, women, millennials...Even the 'snowflakes' have added two million jobs.
"So, look, what do you got?" he asked. " More growth, lower unemployment, less inequality...And, I also want to add one thing: besides the blue-collar boom and the millennial boom, black and Hispanic unemployment [lows,] there's a women's boom going on here.
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"And, inequality -- because of this boom in blue-collar wages -- inequality is narrowed," he noted.
"So this is win, win, win. And, it is across the board. And, with all [due] respect to Mr. Obama, we are eclipsing him in almost every area," Kudlow concluded.
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