(RepublicanReport.org) – In January 2023, the World Economic Forum reported that 63% of economists surveyed believed a global recession was imminent by the end of that year. A whopping 91% of the chief economists expected weak economic growth in the United States, while 24% expected high inflation during that same period. However, they were wrong, and one of former President Donald Trump’s (R) previous advisors praised the current leader for a job well done.
On February 1, former Trump economic advisor Larry Kudlow appeared on Fox News’ “America Reports,” where he admitted he was “wrong about the slowdown and the recession,” adding that so was every other forecasting economist in his circle. The most recent release from the Bureau of Economic Analysis stated the real gross domestic product (GDP) increased by 3.1% in the fourth quarter of 2023. Kudlow said if he were President Joe Biden (D), he would be “bragging about [the economy] too.”
Biden made a statement after the release, saying the report showed core inflation was decreasing, the economy grew, and 2.7 million jobs were added throughout last year. He said, “wages, wealth, and employment are higher now than they were before the pandemic,” which is great news for America. The president went on to say his work isn’t yet complete, stating his other priorities to help American families across the nation, including lowering prescription costs, healthcare premiums, hidden junk fees, and clean energy costs.
Newsweek reported that Kudlow talked about the economy before his spot on “America Reports,” stating that economists are going to have to figure out why so many experts were wrong about the “big slowdown or recession” predictions. He said “exactly the opposite happened.”
According to Goldman Sachs, each incumbent president whose economy was not in recession has won re-election post World War II. According to Goldman Sachs Research Chief US Political Economist Alec Phillips and economist Tim Krupa, GDP growth, income, employment, and consumption are key factors in election results.
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