Another Stimulus Package Before The Election Is Unlikely
Kudlow blamed "the other team" of Democrats for demanding "unnecessary" and massive stimulus package proposals including enhanced unemployment benefits. He described the PPP business loan program as a "stroke of genius" and offered a glowing portrayal of the U.S. economy.
Kudlow acknowledged House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin "spoke several times", but continued to insist the Trump administration is "out-performing expectations" with an unemployment rate hovering at 8.4 percent and several economic reports indicating one-in-three households with children are struggling to afford basic necessities.
"We can't have more assistance for unemployment to continue," Kudlow told CNBC Tuesday, adding that "nobody in the White House or GOP is holding up this money intended for well-targeted sectors" including airlines, schools, retail and housing."
"Let's face it, the economy is performing now—with the increase of 11 million jobs, 14 million household jobs, a major drop in unemployment to 8.2 percent, nobody expected single digits until early next year. Continuing unemployment claims, initial claims, all trending lower, and we're spending strong. So I think we're off to a great start and we're out-performing expectations," Kudlow said, prompting the show hosts to push back.
"I'm not sure how you match those kind of numbers up with the V-shaped recovery and the fact that 'everybody is feeling good,' it still seems very unequal, we still have an 8.4 percent unemployment rate and 800,000 new jobless claims per week which is four times the normal number—how do you square that? asked Sara Eisen, noting a Hamilton Project report which found only 1-in-3 American families with children are "secure" and able to provide regular meals for their kids.
"We are moving in the right [question], the underlying economy was strong, we are rebuilding in housing and rebuilding in retail and automobiles, all of these sectors are coming alive. So you can take a snapshot, at any time during the aftermath, or let's say during this pandemic, it still exists, and the fact is we're beating it."
Kudlow dismissed the negative data, saying "you're referring to the current situation."
"The Census Bureau, which is a reliable source without question, has indicated poverty rates are down and inequality is down, while real family income is up substantially for his three years, pre-pandemic, so that tells you that the [Trump] policies worked," Kudlow said.
"This is no time, nobody should be arguing to take money out of people's pockets," he added referring to Biden plan to raise taxes if elected.