Kudlow slams Biden over false Trump tax cut claim
National Economic Council Director Larry Kudlow on the April jobs report, U.S. economic growth, former Vice President Joe Biden's comments on the tax reform legislation and the outlook for Federal Reserve policy.
Former Vice President Joe Biden, who officially jumped into the Democratic race for president last week, said during a speech that the middle class isn’t reaping the benefits of President Trump’s big tax cut.
“The stock market is roaring -- but you don't feel it. There [was a] $2 trillion dollar tax cut like last year. Did you feel it? Did you get anything from it? Of course not. Of course not,” Biden told a Pittsburgh, Pennsylvania, crowd.
But White House economic adviser Larry Kudlow said that’s not true.
“Look, here's a fact it is very important -- the strongest growth in jobs has come from the blue collar sector. It is not the upper end. In fact the wage increases the bulk of the wage increases faster wage growth is not the upper end -- it's the blue collar middle class working folks,” he told FOX Business’ Stuart Varney on Friday.
“Actually, the 10 percent, the 10th percentile has been the leader, not the top 1 percentile, so I think Joe Biden's got to get his facts right, and he might want to re-examine our policies. We're getting done what we hope to get done.”
He also believes that trade deals can boost the economy even more.
“Manufacturing is rebounding -- all right,” he said. “And if we get these trade deals, particularly USMCA, which I think is going to be very bullish for economic growth and investment, we will see continued surge in auto workers, farmers, manufacturing and so forth and so on, but that's the sweet spot. It's not the upper end. It's the middle-class folks, the working folks -- the hardhats -- those are the ones I love. I love the hardhats.”
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Kudlow said that the U.S. economy will grow 4 percent, in addition to reaching below 3.6 percent unemployment, at some point this year.