>>> AND THERE’S A REASON THIS
ADMINISTRATION CAN’T HIRE A
REAL ECONOMIST IS BECAUSE THEY
ONLY HIRE LIARS FOR HIRE.
YOU CAN’T GET CREDIBLE PEOPLE SO
I DON’T PAY ANY ATTENTION TO
WHAT CUSTODY LOWER CLASS SAYS.
STUART: I DON’T THINK THAT YOU
SHOULD DO THAT.
I DON’T THINK THAT YOU SHOULD DO
THAT.
WELL I’LL ASK HIM.
PAUL ROMA SAYS YOU’RE A LIAR,
OKAY?
I’LL ASK HIM.
I FOUND THAT ASTONISHING THE
GENTLEMAN ON THE RIGHT HAND
SIDE OF THE SCREEN IS THE
ACCUSED.
LARRY KUDLOW HIMSELF I THOUGHT
THAT WAS MOST UNFORTUNATE AND
I’M VERY SORRY IT APPEARED ON MY
SHOW BUT I’D LIKE YOU TO RESPOND
, PLEASE.
>> OH, HECK YOU KNOW, YOU CAN
DISAGREE ON A FORECAST, OR A
POLICY.
IT’S PRETTY RARE YOU GET
PERSONAL.
I NEVER GET PERSONAL.
LOOK, THIS FELLA, I DON’T KNOW
HIM.
STUART: HE’S A NOBEL PRIZE
WINNER AND THE SON OF A FORMER
DEMOCRAT GOVERNOR OF COLORADO,
AND HE’S THE FORMER WORLD BANK
CHIEF ECONOMIST.
>> WELL, I MEAN, IT’S NOT
REAL-WORLD STUFF.
YOU KNOW, FUZZY THINKING,
ACADEMIC EGG HEAD.
LOOK LET’S GO THROUGH.
YOU CAN LOOK AT THE
CONGRESSIONAL BUDGET OFFICE, STU
, THEY’RE CLOSE TO 20% IN THE
THIRD QUARTER, THE FEDERAL
RESERVE BANK OF ATLANTA HAS A
GDP NOW MODEL AND I THINK
THEY’RE AT 25%.
ONE OF WALL STREET’S BEST
ECONOMISTS I THINK IS AT 30%,
OUR FORECAST IS ACTUALLY REALLY
PRETTY MUCH CENTERED ON WHAT
OTHERS INSTITUTIONALLY AND IN
THE PRIVATE SECTOR IS SAYING AND
HERE IS THE THING.
THE EVIDENCE IS COMING IN VERY
VERY CLEARLY.
POINT AFTER POINT AFTER POINT
MAYBE YOU’LL WANT TO REVIEW IT.
STUART: OKAY ONE MORE RESPONSE
FROM YOU, PLEASE.
A NEW NBC REPORT SAYS PRESIDENT
TRUMP, PRESIDENT TRUMP DID NOT
BUILD A GREAT ECONOMY.
HE INHERITED IT FROM PRESIDENT
OBAMA.
RESPOND TO THAT, PLEASE.
>> WELL, YOU KNOW, I’VE HEARD
THIS BEFORE.
FIRST OF ALL PRESIDENT OBAMA HAD
THE SLOWEST RECOVERY SINCE THE
GREAT DEPRESSION, EVERYBODY
KNOWS THAT.
IT BARELY GOT TO 2% GROWTH AND
PRESIDENT TRUMP’S FIRST THREE
YEARS WE NEARLY GOT TO 3% GROWTH
THE UNEMPLOYMENT RATE FELL TO
3.5%.
THAT’S A NUMBER THAT WE’RE VERY
PROUD OF.
THE TAX CUTS WORKED, LARGE AND
SMALL BUSINESS TAX CUTS
INDIVIDUAL TAX CUTS, THE ECONOMY
WAS BOOMING.
YOU COULD GO ACROSS-THE-BOARD,
AFRICAN AMERICANS, ASIANS,
HISPANICS, WOMEN, LOWEST
UNEMPLOYMENT RATES IN HISTORY,
JUST ON THE EVE OF THE PANDEMIC,
I MEAN, THIS IS TRAGIC REALLY.
WE WERE RUNNING IN JANUARY AND
FEBRUARY OF THIS YEAR, AT 3%, OR
BETTER.
I MEAN, PRESIDENT TRUMP WHO
REWARDS SUCCESS, WHO CUT TAXES,
AND REGULATIONS AND REJUVENATED
ENERGY AND CUT GOOD TOUGH TRADE
DEALS TO HELP OUR EXPORTERS
ACROSS THE COUNTRY, HE
REINVIGORATED THIS ECONOMY,
EVERYBODY KNOWS THAT THAT’S WHY
HIS HIGH MARKS AND POLLING
CONTINUE TO GO ON.
THAT ARGUMENT BY THE OTHER TEAM
FRANKLY HAS JUST GOTTEN SILLY.
STUART: NOW PRESIDENT TRUMP OF
THE RNC LAST NIGHT MADE A BOLD
PREDICTION HE WAS TALKING ABOUT
A SUPER V.
NOT QUITE SURE WHAT A SUPER V
LOOKS LIKE BUT YOU
WERE SAYING EARLIER YOU WANT TO
PRESENT THE EVIDENCE OF A VERY
STRONG COMEBACK FOR THE ECONOMY.
PRESENT IT, PLEASE.
>> YEAH, LOOK.
MAY, JUNE, JULY BIG GAINS IN
JOBS OVER 9 MILLION JOBS IN
THREE MONTHS I THINK THAT’S A
RECORD, BIG JOBS AND
UNEMPLOYMENT WE HAVE MORE WORK
TO DO ON THAT.
I UNDERSTAND THAT IT’S STILL A
LOT OF HARDSHIP, BUT STILL THE
NUMBERS ARE COMING IN.
THERE IS A HOUSING BOOM, NO
ECONOMIST CAN DENY THE
HOUSING BOOM.
THERE’S AN AUTOMOBILE BOOM,
THERE’S A CONSUMER BOOM.
YOU CAN’T DENY THESE THINGS AND
YOU’VE HAD A VERY STRONG
EMPLOYMENT COMEBACK.
THAT’S WHY I SAY, AFTER THE
DREADFUL CONTRACTION, IT WAS
A PANDEMIC, IT HAD NOTHING TO DO
WITH OUR POLICIES, WE’RE GOING
TO COME BACK ROARING AS I SAID
SOME ECONOMISTS ARE AT 30%.
I’M STAYING AROUND 20%.
WE’LL GET 20% PROBABLY IN THE
FOURTH QUARTER.
ACROSS-THE-BOARD, NUMBER AFTER
NUMBER IS COMING IN.
HOW CAN YOU POSSIBLY DENY THAT?
I JUST DON’T UNDERSTAND IT
REALLY.
STUART: WELL IS IT A 20% OR 30%
GAIN COMPARED TO THE SECOND
QUARTER OR IT’S SURELY NOT
COMPARED TO THE SAME PERIOD LAST
YEAR, SO IT’S COMPARED TO THE
SECOND QUARTER?
>> NO, NO, THAT’S CORRECT.
ALL I’M SAYING IS WHEN THE
PRESIDENT TALKS ABOUT A V-
SHAPED RECOVERY THAT’S WHAT
YOU’RE GETTING IS A SHARP
DECLINE, ONE-QUARTER BECAUSE OF
THIS PANDEMIC, TWO QUARTERS.
I’LL SAY THE FIRST AND SECOND
QUARTER BECAUSE OF THE PANDEMIC,
YOU KNOW, IT’S LIKE A NATURAL
CATASTROPHE.
NOW WE’RE COMING BACK.
ONE REASON WE’RE COMING BACK IS
THE PRESIDENT LED A TREMENDOUS
RESCUE PACKAGE TO HELP EVERYBODY
INDIVIDUALS, UNEMPLOYED, LARGE
AND SMALL BUSINESS.
ANOTHER REASON IT CAME BACK IS
THE ECONOMY WAS FUNDAMENTALLY
SOUND.
YOU KNOW, HE OPENED UP THE
ECONOMY, LIBERATED THE
ECONOMY.
HE REWARDED SUCCESS.
HE CREATED TAX INCENTIVES,
REGULATORY INCENTIVES, AS I SAID
, REBUILT ENERGY, A NEW
TRADE POSTURE, WE HAVE GREAT
TRADE DEALS ON THE BOARD THAT
WILL INCREASE MANUFACTURING.
I’M SORRY INCREASE EXPORTS FOR
MANUFACTURING AND
AGRICULTURE AND TECHNOLOGY, AND
SO FORTH.
THESE THINGS ARE UNDENIABLE, AND
I THINK IF WE GET THE RIGHT
POLICY, MIND YOU HE’S ALREADY
STARTED, HE WANTS A PAYROLL TAX
CUT, THAT’S A BIG INCREASE IN
WAGES FOR THE MIDDLE INCOME
PEOPLE.
WE ARE STILL INSISTING
UNEMPLOYMENT BUT THE PRESIDENT
IS LOOKING INTO THE FUTURE.
HE HAS A VIEW.
WE CAN LOWER INCOME TAXES
PARTICULARLY FOR THE MIDDLE
CLASS AND REFORM THE TAX CODE
PROBABLY TAKE ADDITIONAL STEPS
TO HELP CORPORATIONS LET’S GIVE
INCENTIVES 100% APPRECIATION IF
THEY WANT TO ONSHORE COME BACK
TO AMERICA IF YOU WILL.
HE WOULD LIKE TO INCREASE THE
CAPITAL GAINS TAX FOR
INVESTMENT AND PRODUCTIVITY.
THE OTHER TEAM WANTS TO DOUBLE
CAPITAL GAINS ALL THESE THINGS.
WE WANT TO PROVIDE SCHOOL AID TO
GET GOING.
WE HAVE OPPORTUNITY ZONES AND
THE PEOPLE RAIL AGAINST
PRESIDENT TRUMP ON THE ISSUE OF
RACIAL DISCRIMINATION.
LOOK, THERE ARE BAD APPLES OUT
THERE THERE’S NO QUESTION BUT
LOOK WHAT HE’S DOING.
OPPORTUNITY ZONES I THINK THAT
THERE ARE 9,000 OF THEM TO
EMPLOY INVESTMENT IN DISTRESSED
AREAS.
WHY DOESN’T SOMEBODY GIVE HIM
CREDIT FOR THAT?
THESE ARE OPTIMISTIC, GROWTH-
ORIENTED POLICY.
THIS IS PROSPERITY.
THIS IS ECONOMIC HEALTH.
GIVE HIM SOME CREDIT OBJECTIVELY
, PLEASE.
STUART: THAT WAS A PRETTY GOOD
RESPONSE TO PAUL ROMA AND NBA C
AND ALL THE REST OF IT YOU’VE
GOT YOUR CANDER UP I CAN SEE.
REAL FAST, WE ARE ALMOST IN A
COLD WAR SITUATION WITH CHINA,
AND YET, THAT DOESN’T SEEM TO
INTERFERE WITH TRADE
RELATIONSHIPS OR CONSTRUCTIVE
DISCUSSIONS HELD THE OTHER DAY.
WE STILL GOING FORWARD WITH
TRADE?
>> YES THAT IS THE CASE.
OBVIOUSLY WE HAVE LOTS OF
COMPLAINTS IN OTHER CHANNELS
WITH CHINA, WON’T GO THROUGH
THEM ALL HERE, BUT PLENTY OF
COMPLAINTS, BUT ON TRADE,
AMBASSADOR LIGHTHIZER, SECRETARY
MNUCHIN MET WITH CHINA’S TOP MAN
AND THEY REVIEWED THE SITUATION.
CHINA IS IMPLEMENTING THE DEAL,
THEY’RE OUT THERE BYING A LOT OF
COMMODITIES.
WE’LL NOW BE FOCUSING ON
INTELLECTUAL PROPERTY THEFT,
THINGS LIKE THAT, FORCED
TRANSFER OF TECHNOLOGY AND SO
FORTH AND BASIC FAIRNESS AND
RECIPROCITY BUT SO FAR, SO FAR,
AMBASSADOR LIGHTHIZER IS FINE
WITH IT AND THE MEETING WENT
QUITE SMOOTHLY IT WAS A NORMAL
REVIEW MEETING SO THE CHINA
THING IS VERY COMPLICATED.
IT HAS DIFFERENT LANES.
WE CAN BE DOWN ON THEM FOR SOME
LANES, BUT MAYBE KEEP THE TRADE
GOING.
THE TRADE HELPS AMERICA JOBS.
THAT’S THE KEY POINT.
STUART: LARRY I’LL LEAVE IT
THERE WITH A COUPLE TECHNICAL
ISSUES, BUT LARRY KUDLOW THANK
YOU VERY MUCH FOR BEING WITH US