Former Trump administration economic adviser Larry Kudlow blasted President Joe Biden, accusing him of lying about the state of the economy.
Appearing on “Fox News Sunday” with host Shannon Bream, Kudlow claimed Biden has repeatedly told falsehoods about the state of the economy, such as insisting his administration inherited a weak economy from Donald Trump and that the economy is strong right now.
Kudlow said that the economy is about to slide into a recession, and Biden’s policies have failed catastrophically.
“I’ve never understood these crazy assertions. Utter fraud. I mean just to look at the numbers,” Kudlow told Bream. “When Joe Biden was inaugurated, the economy was growing at about 6.5 percent. The inflation rate was barely above 1 percent. And in the course of the next 12 to 15 months, 18 months, he took that economic boom and essentially turned it into a recession because of all the inflationary federal spending and regulating and the war against fossil fuels.”
“He will not tell the truth about the economy,” Kudlow continued. “He inherited a boom. He turned it into a bust. We’re in a lot of trouble now.”
“The Federal Reserve is raising interest rates. Stock markets are falling, we are headed for a very deep recession. And these progressive policies have utterly failed,” he added. “There’s no confidence in him. There’s no confidence in his policies. And right now there’s no confidence in the economy. And that’s why the cavalry is coming. That’s why we’re going to see a tremendous turnover in Congress in the next couple weeks in the midterm elections.”
In remarks at the White House Friday, Biden boasted about reducing the federal deficit, then claimed that if Republicans take back Congress after the 2022 midterms, they will advance policies that would impede economic recovery.
“Everything they’re proposing would make inflation worse,” Biden claimed. “And look at what they’re offering. … If Republicans get their way, the deficit is going to soar, the tax burden is going to fall on the middle class.”
“It’s mega MAGA trickle-down,” Biden added. “Mega MAGA trickle-down — the kind of policies that have failed the country before and will fail it again.”