One of Donald Trump’s leading economic advisers now admits he was wrong about the predictions he made for the economy under President Joe Biden.
“Mea culpa,” Fox Business host Larry Kudlow said on the air Thursday. “I was wrong about the slowdown and the recession, so was the entire forecasting fraternity.”
Fox News host Sandra Smith, however, tried to get him to back out of it.
“I don’t think you were wrong,” she said.
But Kudlow, who was director of the National Economic Council under Trump for nearly three years, stuck with it.
“The Fed, everyone was wrong,” he said, referring to widespread predictions of a recession in 2022 and 2023 that never came to fruition.
Kudlow noted that unemployment numbers will come out Friday after a month of headline-making layoffs.
“My guess is that the Federal Reserve is looking more closely at that than inflation,” Smith said in a clip posted on Mediaite, noting that the agency is hoping to tame inflation, which could lead to job losses.
“If the labor market takes a significant hit, we could see a significant downturn in the American economy,” she predicted.
Kudlow made a similar confession about the strength of the economy last month when the gross domestic product GDP jumped faster than expected.
“He gets his due,” Kudlow said of Biden. “If I were he, I would be out slinging that hash, too. No problem.”
He did, however, add that a chunk of the growth was from government spending.