Larry Kudlow insists market is ‘great’ as stocks drop amid coronavirus fears
National Economic Council Director Larry Kudlow reacts on ‘Fox & Friends’ to the economy’s performance and reports that China is set to exempt extra tariffs.
Top White House economic adviser Larry Kudlow responded on Friday to former President Obama's tweet, which credited his administration with "paving the way for more than a decade of economic growth."
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Obama tweeted on Presidents Day: " 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."
Kudlow responded, saying he didn't want to "knock Obama," and that he likes the positives more than the negatives, but "coming off a very deep recession like that [in 2008 when Obama was elected], we shouldn't have had 2-percent-or-less growth, which is what that administration produced. We should have had 8 [percent] or 10 percent growth."
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Kudlow blamed the Obama administration's slow growth and weak recovery on high spending, strict regulatory measures and higher tax policies.
"The antidote to poverty is growth. The antidote to income inequality is opportunity," he said, adding that roughly 10 million people have come off food stamps and welfare over the past three years. He added: "With all respect to President Obama, we are eclipsing him in almost every area."
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He defended President Trump's work trying to help the U.S. economy recover from more than eight years of slow or no growth, adding that "in the three years of the Trump recovery," the country has seen significant economic stability, job growth and a decrease in unemployment numbers.