Kudlow states the obvious, the Fed gave an ‘election gift’ to Kamala

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Fox Business host Larry Kudlow called out the “election gift” to Vice President Kamala Harris following a record-high closing for U.S. markets on Thursday.

Kudlow blasted Federal Reserve Chair Jerome Powell and reminded that it was former President Donald Trump who “helped the American economy the most,” not the current administration under Harris and President Joe Biden.

“So day after Fed Chairman Jay Powell sent Kamala Harris a 50 basis point election gift and completely contradicted himself on the economy. Whatever. The stock market roared,” Kudlow said before a report on Thursday’s numbers.

(Video Credit: Fox Business)

“Well, stocks are higher. Stocks surging today on hopes for a soft landing for the economy after the Federal Reserve slashed the Fed funds rate yesterday, 50 basis points. The Dow in market action today up 522 points. The S&P up 95. The Nasdaq up 440. All three major averages hitting all-time highs after the best day for markets since August 5th,” Gerri Willis reported.

While Kudlow acknowledged this was a “good report,” he went on to drop a reality check for viewers.

“No matter how political that Chairman Jay Powell may be with his 50 basis point selection gift to Kamala Harris, the person who helped the American economy the most was Donald Trump during the pre-pandemic first three years of his administration,” the former Trump economic advisor said.

“New census numbers show real median income growth during Mr. Trump’s pre-pandemic first three years compared to Joe Biden’s overall take-home pay for typical families increased more than five times as much under Mr. Trump than under Biden, up $6,000.40 for Trump versus just 1,050 bucks under Biden-Harris,” he continued.

Breaking it all down among key demographics, the Fox Business host noted how Trump’s income numbers “are almost 10 times better than Biden’s.”

“For example, stay with me…among whites, real median income increased $8,910 bucks under Trump, compared to a measly $850 under Biden. That’s actually 10-and-a-half times what Mr. Biden produced,” he said.

“Among Asians, income up $14,600 under Trump, versus a paltry $1,500 under Biden — about 10 times as much. For Hispanics, $6,960 under Trump, versus only $700 under Biden. Again, just about 10 times in Trump’s favor. Among blacks, it was $4,540 under Mr. Trump, versus $2,650 bucks under Biden. So, that one’s about a double,” Kudlow stated.

He noted that this was one reason why Trump has successfully “put together a working-class coalition, spanning all racial and ethnic groups.”

“The key takeaway here is how badly these groups have done under Biden-Harris, which I have called the affordability crisis. So, income under Biden-Harris was low, and on top of that, the cost-of-living price increases were very high, outstripping the income. That is why people are worse off under Biden-Harris and were much better off under Mr. Trump. That is why Mr. Trump has such a large lead when it comes to the economy,” Kudlow explained.

He contended that Powell’s “finagling” of the interest rate this close to the election will do nothing to alter Trump’s record which is “solidly entrenched in voter minds.”

“Powell, meanwhile, keeps telling people how great the Biden-Harris economy is — but, if so, then why has he made this 50 basis point super rate cut, something that’s only happened in emergencies like 9/11 or COVID or the financial meltdown?” Kudlow asked. “Or, perhaps Powell is acknowledging just how bad the Biden-Harris economy really is, with maybe more big job losses coming down the road, even higher unemployment.”

The Fox Business host concluded by saying that Trump has a “much better policy idea,” playing a clip of the Republican nominee speaking in Long Island, NY.

“Now that’s a real economic growth plan — not some phony, politicized interest rate cut,” Kudlow said.

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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida. Powers also contributes to BizPac Review.