Larry
Kudlow
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Larry Kudlow (Trump's Director of National Economic Council):
... Trump knows taxes
because he’s been 'dodging them for all these years'
October 18, 2018
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
Undated:
Lawrence Alan Kudlow (born
August 20, 1947) is an American financial analyst and former television host
serving as Director of the
National Economic Council under President
Donald
Trump since 2018.[1]
Kudlow began his career as a junior financial analyst at the
New York Federal Reserve. He soon left government to work on
Wall
Street at
Paine
Webber and
Bear
Stearns as a
financial analyst. In 1981, after previously volunteering and working for
left-wing politicians and causes, Kudlow joined the administration of
Ronald Reagan as associate director for economics and planning in the
Office of Management and Budget.[2]
After leaving the Reagan Administration during the second term, Kudlow returned
to Wall Street and Bear Stearns, serving as the firm's chief economist from 1987
until 1994. During this time, he also advised the gubernatorial campaign of
Christine Todd Whitman on economic issues. In the late 1990s, after a
publicized battle with
cocaine and
alcohol
addiction,
Kudlow left Wall Street to become an economic media commentator – first with
National Review, and later hosting several shows on
CNBC.
Kudlow returned to politics in 2018, serving as
Gary Cohn's replacement at the
National Economic Council.
In March 2018, President Trump appointed Kudlow to be Director of the
National Economic Council, succeeding
Gary Cohn.[16]
He assumed office on April 2, 2018.[17]
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In April 2018, Kudlow said that the nonpartisan Congressional Budget Office was
untrustworthy.[18]
He dismissed CBO's estimate that the 2017 Tax Cuts and Jobs Act would increase
the deficit by $1.3 trillion, saying, "Never believe the CBO. Very important:
Never believe them. They're always wrong, especially with regard to tax cuts,
which they never score properly."[18]
All credible studies of the tax plan, whether by non-partisan organizations,
Wall Street analysts, or right-leaning research organizations, showed that the
tax plan would increase the deficit.[18]
In July 2018, Kudlow falsely asserted that "Even the CBO numbers show now that
the entire $1.5 trillion tax cut is virtually paid for by higher revenues and
better nominal GDP." The CBO actually found that the tax cut reduces revenues
and that deficits would increase by $1.9 trillion after accounting for
macroeconomic feedback.[19]
Also in April, Kudlow alleged that
U.S. Ambassador to the United Nations
Nikki
Haley had announced that the U.S. would soon sanction
Russia due to
"momentary confusion". After Haley contradicted Kudlow's claim, Kudlow called
Haley to apologize.[20]
As Trump celebrated the six-month anniversary of the tax cut on June 29, 2018,
Kudlow asserted that the tax cut was generating such growth that "it's throwing
off enormous amount[s] of new tax revenues", and "the deficit, which was one of
the other criticisms, is coming down – and it's coming down rapidly". Both
assertions were incorrect. Since the tax cut was enacted, federal tax receipts
increased 1.9% on a year-on-year basis, while they increased 4.0% during the
comparable period in 2017. By the same method, the federal budget deficit
increased 37.8% while it increased 16.4% during the comparable period in 2017.
Kevin Hassett, chairman of Trump's
Council of Economic Advisers, noted days earlier that the deficit was
"skyrocketing", which is consistent with the analysis of every reputable budget
analyst.[21][22]
Kudlow later asserted he was referring to future deficits, although every
credible budget forecast indicates increasing deficits in coming years, made
worse by the Trump tax cut if not offset by major spending cuts. Barring such
spending cuts, the CBO projected the tax cut would add $1.27 trillion in
deficits over the next decade, even after considering any economic growth the
tax cut might generate.[23]
Kudlow asserted on June 29, 2018, that "capital investment, you know, for new
jobs and better careers, [is] flowing in from all corners of the world".[24]
However,
foreign direct investment – the total flow of investment capital into the
United States from the rest of the world – declined 35% on a year-on-year basis
during the first quarter after the tax cut, the most recent data available. That
was consistent with the 37% decline during Trump's first five quarters in
office, compared to the five quarters immediately preceding his presidency.[25
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On June 29, 2018, Kudlow stated, "This is now, the USA, according to the
OECD, the hottest
economy in the world."[26]
However, this was not a new phenomenon under the Trump presidency, as by 2015
the American GDP growth rate had been almost twice that of other industrialized
countries since 2008, and by 2015 America had created as many jobs than all
other industrialized countries combined since 2010.[27][28]
Kudlow also asserted: "They've been saying that all along, OK? We could never
get to 3% growth... It couldn't be done, they say. It's being done."[29]
However, analysts have actually said that 3% sustained growth was
unlikely,[30][31][32][33]
rather than periodic quarters of growth of 3% or more. From 2009 through
2016, GDP growth exceeded 3% in eight quarters – including 5.1% and 4.9% in
consecutive quarters of 2014 – yet it did not sustain 3% or more for any full
year.[34]
Although GDP exceeded 3% in two consecutive quarters of 2017, the average growth
was 2.4% through Trump's first five quarters in office.[35]
The final figure for first quarter 2018 GDP growth was released the day before
Kudlow spoke – coming in at 2.0%.[36]
Three months later GDP for the second quarter of 2018 was announced at an annual
growth rate of 4.1%.
On August 28, 2018, after Trump accused Google of rigging search results to show
information biased against him, Kudlow told reporters "we're taking a look at"
regulating Google.[37]
During the
2018-2019 partial federal government shutdown, approximately 420,000 federal
workers deemed "essential" were compelled to continue working without pay. On
the 34th day of the shutdown, Kudlow asserted that such workers were
"volunteering" to work for their love of the country and “presumably their
allegiance to President Trump.”
[38]
A self-described "Reagan
supply-sider", Kudlow is known for his support for tax cuts and
deregulation.[39]
According to
The
Economist, Kudlow is "the quintessential member of the Republican
Party's business wing".[39]
Kudlow has no formal economics qualifications.[39]
In 1993, Kudlow predicted that
Bill
Clinton's tax increases would dampen economic growth.[39]
When the economy boomed in the late-1990s, Kudlow credited it to tax cuts
enacted during the
Reagan administration (1981–1989).[39]
In the mid-1990s, Kudlow left Bear Stearns and entered a
twelve-step program in order to deal with his addictions to
cocaine and
alcohol. He subsequently converted to
Catholicism under the guidance of
Father C. John McCloskey III.[51][54][55]
https://en.wikipedia.org/wiki/Larry_Kudlow
-- 2016 --
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December 18: Donald Trump Turns to
Always-Wrong Pseudo-Economist Lawrence Kudlow
http://nymag.com/intelligencer/2016/12/trump-turns-to-always-wrong-pseudo-economist-lawrence-kudlow.html?gtm=bottom>m=top
-- 2018 --
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October 18: Larry Kudlow: Trump knows taxes
because he’s been 'dodging them for all these years'
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
-- 2019 --
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February 24: Trump's goal is 'zero tariffs,'
Larry Kudlow says
https://www.washingtonexaminer.com/news/trumps-goal-is-zero-tariffs-larry-kudlow-says
April 3: Larry Kudlow calls himself “an old
free-trader,” leery of tariffs.
But as the top economic adviser to a president who has wielded tariffs as a
weapon – pushing back hard on trade practices around the world, from North
America to Europe to China and Japan – Mr. Kudlow has come to appreciate
President Donald Trump’s aggressive approach.
“The president’s use of tariffs as a negotiating tool – I think he’s right, I
really do,” Mr. Kudlow, assistant to the president and director of the National
Economic Council, told reporters Wednesday at a breakfast hosted by The
Christian Science Monitor.
https://www.csmonitor.com/USA/Politics/monitor_breakfast/2019/0403/Larry-Kudlow-Trump-economic-adviser-comes-around-on-tariffs-as-a-tool?cmpid=mkt:ggl:dsa-np&gclid=EAIaIQobChMIy6DF-tqh4gIVw7rACh2gDA8EEAAYASAAEgJfQfD_BwE
May 12: Kudlow acknowledges U.S. consumers,
not China, pay for tariffs on imports
In an appearance on “Fox News Sunday” two days after U.S.-China trade talks
ended with no news of a deal, Kudlow was asked by host Chris Wallace about
Trump’s claim.
“It’s not China that pays tariffs,” Wallace said. “It’s the American importers,
the American companies that pay what, in effect, is a tax increase and
oftentimes passes it on to U.S. consumers.”
“Fair enough,” Kudlow replied. “In fact, both sides will pay. Both sides will
pay in these things.”
Pressed again by Wallace, Kudlow acknowledged that China does not actually “pay”
the tariffs.
https://www.washingtonpost.com/politics/kudlow-acknowledges-us-consumers-not-china-pay-for-tariffs-on-imports/2019/05/12/3cbe100e-74b9-11e9-b3f5-5673edf2d127_story.html?noredirect=on&utm_term=.2c374d2a8c04
May 13: Kudlow acknowledges US will pay for
China tariffs, contradicting Trump
https://www.cnbc.com/2019/05/12/kudlow-says-us-will-pay-for-china-tariffs-contradicting-trump.html
May 13: Since raising tariffs on $200
billion in Chinese goods late last week, Trump has been publicly warning Beijing
not to hit back, saying it "will only get worse" for the country if it takes
further action.
China's Ministry of Finance said it will hike tariffs to as high as 25 percent
on the $60 billion in American imports. Those rates will rise from levels of 5
or 10 percent, depending on the goods. The announcement marks the latest
development in a growing tit-for-tat conflict between the two economic giants
and came just after President Donald Trump had warned China against retaliating.
On Monday evening, Trump said it should be clear in “three or four weeks” if a
U.S. delegation’s recent trip to China for trade talks was successful, according
to a pool report. “I have a feeling it’s going to be very successful,” he said.
He threatened Monday afternoon that more tariffs could be on the way, saying
that he had “the right to do another $325 billion at 25 percent in additional
tariffs” on Chinese goods. His administration filed the paperwork late
Monday afternoon to begin the process of slapping on those tariffs.
Earlier in the day, the president said that he had not made a decision on
whether to impose duties on the final set of goods – a move that would affect
essentially all remaining U.S. imports from China.
https://www.politico.com/story/2019/05/13/trump-china-tariffs-trade-war-1317772
May 15: Trump, Kudlow 'had it out' after
contradiction on who is hurt by tariffs
https://thehill.com/homenews/administration/443761-trump-kudlow-had-it-out-after-comments-on-who-is-hurt-by-tariffs
May 16: Walmart says it will raise prices
because of tariffs
https://www.cnn.com/2019/05/16/business/walmart-earnings-stock-tariffs-trump-china/index.html
-- 2020 --
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