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Kudlow Fires Back After Obama Takes Credit for Trump's Economy

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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.

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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.”

Do you believe Barack Obama deserves credit for the nation's current economy?

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.

“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.

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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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Randy DeSoto has written more than 2,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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