Speaker 1: Hey, here is something really, really funny.
Sandra Smith is an anchor on Fox News and she interviewed former Trump economic adviser
Larry Kudlow.
Larry Kudlow was asked by Sandra Smith, Hey, explain why the economy actually is terrible.
I mean, okay, the stock market's up.
GDP is up.
Unemployment, record low, black unemployment, record low wage increases are higher than
they've been in a very long time.
Consumer confidence is up.
Inflation is down.
Larry, it all looks so good.
But explain why the economy actually sucks and Larry Kudlow struggles to do so because
the economy actually doesn't suck.
Speaker 4: Extremely unpopular.
Look at any point.
Speaker 5: But this is by dynamics, is it not part of Biden nomics?
Yes, sir.
I mean, they're they're they're embracing that.
This is their messaging and this is their push.
Speaker 1: Sir, isn't this a woman?
Speaker 5: And now they're putting a label on it, Larry.
Speaker 4: I love the label.
Middle out, lower or lower end.
Never stay over your skis.
Speaker 5: But wait, let me just check as.
Speaker 4: An abject failure.
We're growing at 1%.
The level of consumer prices has gone up 15.6% since February of flat.
Is fact.
Anyone?
They didn't deliver.
All right.
Speaker 5: And guess what's not going up?
15%.
Your income, your wages.
Speaker 4: Real wages are getting clobbered for middle and lower middle class workers.
People are working.
The pandemic jobs have come back.
Speaker 1: You need millions more jobs than what was lost during the pandemic have been
created.
Inflation is at its lowest point since April of 2021.
I mean, every single one of these claims is bogus.
Speaker 4: Everything to do with that.
Speaker 3: They're getting clobbered.
Speaker 5: I just have to bring this up.
I don't I rarely interrupt you, Larry, please.
You know, I'm honored.
Markets are up.
Look, there's these there's there's key economic data points that are coming out that make
it look like this economy.
Speaker 1: Every single piece of data we have is sure making it look like the economy's
okay.
Speaker 5: Larry isn't going into a recession.
In the left right now is saying how hard to all those who said doom and gloom.
Look, GDP's up.
The country is growing despite everybody saying that these policies are awful.
So true.
Explain that disconnect from what the White House is touting to what people are feeling
is actually experiencing.
Speaker 4: War against fossil fuels, the massive regulatory war against businesses both large
and small.
Okay.
The tax increases on companies and the inflation record.
Speaker 1: He doesn't even know the talking points.
You know, inflation down 11 months in a row, lowest amount since April of 2021.
Businesses, record profits, profits, stock market up, GDP up.
But there's a war on fossil fuels.
Well, seems like it's a failing war, Larry, or at least one that's not hurting companies.
Speaker 4: All right.
So Biden's first full year in office, which is 2022, we grew at 0.9% as a tax.
Speaker 3: I got it.
I got it.
Speaker 4: All right.
In the first quarter.
Now, the first quarter was revised up today.
I think it ticked up to almost 2% or 2%.
Yeah.
The Atlanta Fed GDP tracker is looking at one point.
Speaker 5: Okay, So are we going into a recession?
Speaker 4: These are very sub we should be growing.
Are we.
Speaker 1: Android.
Speaker 5: Or recession?
Speaker 4: We should be growing at four, five, 6%.
Speaker 1: We really shouldn't.
I mean, you know, this is a bigger macro economic thing, but the reality is the bigger and wealthier
a country gets six.
Per cent, GDP growth is not really to be expected unless it's a rebound from a big dip like,
for example, what we saw, I think it was Q2 2020 because of the pandemic.
It was record low numbers and then predictably, Q3 of 2020 was record high because there was
a bunch of recovery.
It is not a reasonable expectation to say that a country the size and at the level of
development of the United States in normal circumstances would grow at 6% a year.
You know, we talk about China.
I don't know that we actually get real numbers from China.
In fact, Chinese GDP numbers, China claimed very, very rapid GDP growth for a while.
And we now have reason to be skeptical of those numbers.
But even if those numbers had been true, you often see countries that are in a more developing
stage the way that China was ten years ago with those numbers, but it would not be standard
in the United States by any means.
And this is Larry Kudlow bouncing around while inflation and war on fossil fuels and oh,
but this number, that number.
But it was revised up.
This is what it looks like when you don't really have a case to make.
It's not a case to make.
And then he mentioned something about I it's he's all over the map.
Speaker 5: Today and it's not red and it is not blue.
Rich.
I want to bring you in here because what's happening, though, and what I just asked Larry
about is, is this disconnect.
You know, the markets smoke, Larry, and people are saying, are we really are we are you still
not answering my question, guys?
Speaker 4: Carbon markets got clobbered last year.
Clobbered down 20.
Speaker 5: Okay.
So this is a.
Speaker 4: Comeback rebound that has nothing to do with then this is about a and technology.
Why?
Listen, Jay Powell.
Speaker 1: What does that mean?
This is about AI and technology.
A AI is now responsible in 2023 for low unemployment, high job creation, declining inflation, solid
stock market growth, GDP growth, consumer confidence and wage increases.
I would love to hear Larry Kudlow explain how I is responsible for that really interesting
economic views.
They happen to be fantasyland nonsense and it is not a surprise that they're struggling
because we still have problems.
Nobody's saying anything is perfect, but by every traditional economic measure things
are very okay.
At minimum, certainly good enough numbers to justify the reelection of whoever happens
to be president.
It just so happens to be Joe Biden