Speaking on the second day of the four-day Republican National Convention on Tuesday, Kudlow said that under the Trump administration's first four years, the economy was rebuilt, unemployment fell to the lowest rate of 3.5 per cent, African-Americans, Hispanics, women and all groups benefited enormously.
Pitching for Donald Trump and his policies, the President’s chief economic advisor Larrry Kudlow has said that in the November elections, the American voters will have to choose between economic health, prosperity and optimism under the Trump administration or a return to the “dark days of stagnation, recession and pessimism” under the Democrats.
Speaking on the second day of the four-day Republican National Convention on Tuesday, Kudlow said that under the Trump administration’s first four years, the economy was rebuilt, unemployment fell to the lowest rate of 3.5 per cent, African-Americans, Hispanics, women and all groups benefited enormously.
”Everyone was better off. A rising tide lifted all boats,” he said. ”Look, our economic choice is very clear. Do you want economic health prosperity, opportunity and optimism, or do you want to turn back to the dark days of stagnation, recession and pessimism. I believe there can’t be better economic policies than we’ve had in recent years. So I say, stay with them,” Kudlow said.
He expressed confidence that America will recover soon from the hardships brought by the COVID-19 pandemic. ”Then came a once in a 100 year pandemic. It was awful. Health and economic impacts were tragic, hardship and heartbreak were everywhere, but presidential leadership came swiftly and effectively,” with an extraordinary rescue for health and safety to successfully fight the COVID-19.
The US is the worst affected country by the pandemic with over 5 million cases and more than 178,000 deaths. The challenges posed by the disease have battered the country’s economy, leading to a loss of millions of jobs. ”A great bipartisan rescue also saved the economy. Right now, our economic health is coming back. With emergency spending and tax cuts, Americans are going back to work,” he said.
Kudlow said that there is a housing, auto, manufacturing and consumer spending boom in the country and stocks are in record territory. ”A V-shaped recovery is pointing to better than 20 per cent growth in the second half of this year,” he said. Looking ahead, more tax cuts and regulatory rollback will be in store, he said. Payroll tax cuts for higher wages, income tax cuts for the middle class, capital gains tax cuts for investment productivity and jobs and more regulatory relief for small businesses.
”In economic terms, this is no time for a USD 4 trillion tax hike. Coming out of the deep pandemic, who in their right mind would pick the pockets of taxpayers and drain money from their wallets and purses,” Kudlow said, taking a swipe at the Democrats.
President Trump and Vice President Mike Pence will be challenged by the Democractic Party’s presidential nominee Joe Biden and his Indian-American running mate Senator Kamala Harris.