Friday, White House chief economic adviser Larry Kudlow disputed concerns voiced by 2 Fed officials who warned this wk of economic worries as the coronavirus epidemic testing continues to count cases across the county.
“I do not think the economy is slowing down,” Mr. Kudlow said. “Let me be more precise. People are mistaking the unemployment claims, the initial unemployment claims. In this pandemic, the best number to use is continuing claims, plus the pandemic employment assistance program.”
He added that he does not see a slowdown, and he thinks there will be a “pretty good number” in a few wks for the month of November.
Mr. Kudlow said Treasury Secretary Mnuchin and White House chief of staff Mark Meadows are working with House Minority Leader Kevin McCarthy (R-CA) and Senate Majority Leader Mitch McConnell (R-KY) on repurposing unused funds for targeted support for small businesses and more.
“Housing is booming, consumer spending is booming, automobiles are booming, just booming,” said Mr. Kudlow. “It is a strong V-shaped recovery … there are pandemic risks, virus hotspot risks, I get that. All I am saying is what we know on jobs and housing and retailing and cars and other areas, the economy is very hot.”
He disputes numbers showing that the economy is actually starting to flatten out, because “since May we’ve had 18-M reductions in unemployment claims of all kinds continuing in the pandemic. I am not sure I get that particular chart. Look, 12.5-M new jobs have been added back. We are 50% of the way home.”
He admitted there is hardship, there is virus risk, “…there is no question about that. We are following it very closely.”
He also disagreed with claims that Operation Warp Speed has been slowed because of the contention over the Presidential election.
“The FDA will move real fast,” he said. “It is likely we will have perhaps as much as 20-M vaccine packages in play before December is over and maybe more.”
Making and Keeping America Great!
Have a healthy weekend, Keep the Faith!