White House Economic Adviser Larry Kudlow Challenges China’s Supposed Supremacy
White House economic adviser Larry Kudlow slammed China on Fox Business Wednesday and said America is operating at a “greater position of economic strength.”
“The USA is growing rapidly. The tax cuts, the deregulation rollback, the trade reforms,” Kudlow said on “Varney & Company.” “We are growing, and the Atlanta federal reserve is suggesting we may get near 5 percent growth in the second quarter. I’d be thrilled with 3 plus but that’s their estimate.” (RELATED: Joe Scarborough Says China, Not America Is The Biggest Beneficiary Of Trump Presidency)
“Our program of economic growth, wages, jobs, unemployment is working. It’s kicking in even faster than almost anyone dreamed possible. A year or year and a half everyone said it wouldn’t work, so it is working. So that’s the key point. That gives us the strength,” he added.
Kudlow said as America gets stronger economically China has become weaker by issuing bad loans and relying on state run entities.
“China’s economy is not doing well. They are slowing down by many, many measures,” Kudlow continued. “Half of that economy is state run enterprises that are losing money daily. Half of that economy is being financed by state run banks who are issuing couple of trillion dollars of nonperforming loans? That’s a business and economic model which is not durable.”
“So I believe China’s operating from a greater position of weakness than folks think and we are operating from a greater position of economic strength,” he concluded.
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