One of Donald Trump’s top economic advisors now admits he was wrong in his predictions for the economy during president joe biden.
“Mea culpa”, Fox Business host Larry Kudlow he said on air Thursday. “I was wrong about the slowdown and recession, as was the entire forecasting community.”
Fox News host Sandra Smith, however, tried to get him to back out.
“I don’t think you were wrong,” he said.
But Kudlow, who served as director of the National Economic Council under the Trump administration for nearly three years, stood his ground.
“Everyone was wrong at the Federal Reserve,” he said, referring to widespread predictions of a recession in 2022 and 2023 that never came to fruition.
Kudlow noted that unemployment numbers will be released Friday after a month of headline-grabbing layoffs.
“My guess is that the Fed is looking at this more closely than it is looking at inflation,” Smith said in a clip posted on Mediaite, noting that the agency hopes to control inflation, which could lead to job losses.
“If the labor market takes a significant hit, we could see a significant slowdown in the U.S. economy,” he predicted.
Kudlow made a similar confession about the strength of the economy last month when gross domestic product (GDP) jumped faster than expected.
“He gets what’s coming to him,” Kudlow said of Biden. “If I were him, I’d be throwing that hash too. No problem.”
However, he added that part of the growth was due to public spending.