President Donald Trump’s top economic adviser, Larry Kudlow, countered former President Barack Obama’s claim earlier this week that he deserves credit for the nation’s currently booming economy.
Speaking to an enthusiastic crowd at the University of Nevada, Las Vegas, on Monday, Obama said, “When I walked into office 10 years ago, we were in the middle of the worst economic crisis of our lifetimes.”
He continued, “By the time I left office, wages were rising, uninsurance rate was falling, poverty was falling, and that’s what I handed off to the next guy.”
“So when you hear all this talk about economic miracles right now, remember who started it,” Obama said to loud applause and a standing ovation.
"So, when you hear all of this talk about economic miracles right now, remember who started it. Remember who started it. Come on," former Pres. Obama says to a standing ovation while campaigning for Democrats in Nevada Monday. https://t.co/ZzSxO36xSo pic.twitter.com/7qiL2CzmNB
— CBS Evening News (@CBSEveningNews) October 22, 2018
Kudlow disagreed with the former White House occupant’s assessment.
“Under his stewardship, the so-called recovery was 2 percent average per year, which is really the worst, since, I believe, since the Depression,” Kudlow told “Fox & Friends” on Tuesday morning. “And already, we have beaten our critics, including Obama’s staff people. We’re running an economy that’s 3 to 4 percent economically.”
He continued, “President Trump has cut tax rates on small businesses and corporations and individuals — and he wants to do some more. That’s a huge change from President Obama.”
Kudlow pointed to other very un-Obama actions taken by the Trump administration, including an unprecedented rollback of federal regulations, and promoting the development of traditional energy sources, such as oil and coal.
— FOX & friends (@foxandfriends) October 23, 2018
“Look at the confidence metric,” the former Reagan administration economist said. “Almost from the day of the election, consumer sentiment and small business confidence soared. It had been falling, and it’s a ‘V’ recovery and it continues.”
In previous interviews, Kudlow also highlighted that Trump’s renegotiation of trade deals is another step the current administration has taken to strengthen the economy, which the previous one did not.
The day after Trump’s election in November 2016, the Dow Jones Industrial Average spiked over 250 points, closing at a record high of 18,589.
Over the next year, it blew through the 19,000, 20,000 … 23,000, and now sits at over 25,000.
The 31 percent rise during Trump’s first year represents the best tally since the 1930s, when the market was recovering from the 1929 crash that marked the beginning of the Depression, according to CNBC.
Additionally, September’s 3.7 percent unemployment rate is the lowest recorded since December 1969.
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