Appearing on NBC’s Meet the Press on Sunday, President Trump’s chief economic adviser Larry Kudlow waved off concerns that the American economy could soon be facing a downturn. With the Dow Jones Industrial Average plummeting last week after an inverted yield curve indicated an upcoming recession, Kudlow forecast sunny days ahead for the economy.
“I sure don’t see a recession,” Kudlow told host Chuck Todd. “We had some blockbuster retail sales, consumer numbers towards the back end of last week. Really blockbuster numbers.”
Kudlow, however, expressed the same level of optimism ahead of the Great Recession, dismissing worries over an impending housing crash and writing in December 2007 that “there’s no recession coming” and that the “pessimistas were wrong,” predictions Todd threw back in the Trump adviser’s face.
“So I admire your optimism, but the data is pointing in another direction," Todd added.
“Well, I plead guilty to that late 2007 forecast,” Kudlow demurred, noting that other forecasters also got it wrong.