Now that Gary Cohn is out as the head of the National Economic Council, Trump is doing what he usually does by picking someone completely unqualified for the job based solely on the fact that he has seen him on TV a lot. Because in Trumpworld, you don’t exist if you aren’t a TV star. So Larry Kudlow gets the job.
But Kudlow is not an economist. He has an undergrad degree in history and that’s it. But he somehow managed to get a job with the Federal Reserve Bank and then with the Reagan administration before becoming a columnist and TV personality. And Media Matters points out that he has a terrible track record when it comes to his economic predictions.
Kudlow argued in 2002 that invading Iraq would create an economic boom in the United States.
In December 2007, while the Great Recession was beginning, Kudlow insisted “there ain’t no recession” and the “Bush boom continues.” Kudlow wrote, “There’s no recession coming. The pessimistas were wrong. It’s not going to happen. At a bare minimum, we are looking at Goldilocks 2.0.”In July 2008, seven months into the recession, Kudlow was still arguing that there was no recession or housing crisis, arguing that America was “in a mental recession, not an actual recession.”
In September 2008, Kudlow argued that lower oil prices would “make it much easier for people to pay their mortgages on time,” thus abating the growing credit crisis.
And here’s the kicker: Cohn resigned in protest of Trump’s new tariffs and protectionism. When Trump announced his run for president and endorsed protectionist trade policies and tariffs, Kudlow wrote an article saying that this would cause another Great Depression. And then he endorsed him anyway. And now he’s going to go to work for him even after he followed through on those promises. Whatever it takes to get close to power, I suppose.