One of Donald Trump’s top economic advisers now admits he was wrong about his predictions about the economy under President Joe Biden.
“Mea culpa,” Fox Business host Larry Kudlow said on air Thursday. “I was wrong about the slowdown and recession, as was the entire forecasting fraternity.”
Fox News host Sandra Smith, however, tried to get him to backtrack.
“I don’t think you were wrong,” she said.
But Kudlow, who served as director of the National Economic Council under Trump for nearly three years, stuck to it.
“The Fed, everyone was wrong,” he said, referring to widely held predictions of a recession in 2022 and 2023 that never came to pass.
Kudlow noted that unemployment figures will be released Friday after a month of layoffs making headlines.
“I guess the Federal Reserve is looking at this more closely than inflation,” Smith said. in a clip posted on Mediaitenoting that the agency hopes to control inflation, which could lead to job losses.
“If the labor market takes a major hit, we could see a significant slowdown in the U.S. economy,” she predicted.
Kudlow made a similar confession on the strength of the economy last month, when gross domestic product jumped faster than expected.
“He gets his due,” Kudlow said of Biden. “If I were him, I’d be throwing that hash too. No problem.”
He added, however, that much of the growth came from government spending.