page_title: Larry Kudlow
section_title: Director of the National Economic Council
hierarchical_section_title: Larry Kudlow / Career / Director of the National Economic Council
caption_attribution_description: President Donald J. Trump, Ivanka Trump, and Larry Kudlow participate in the &quot;Our Pledge to America's Workers&quot; event Wednesday, Oct. 31, 2018 (Photo Courtesy of Haley Maddrey)
context_page_description: Lawrence Alan Kudlow is the Director of the United States National Economic Council. He assumed that role in 2018 after previous employment as a financial analyst and a television financial news host.
  Kudlow began his career as a junior financial analyst at the New York Federal Reserve. He soon left government to work on Wall Street at Paine Webber and Bear Stearns as a financial analyst. In 1981, after previously volunteering and working for left-wing politicians and causes, Kudlow joined the administration of Ronald Reagan as associate director for economics and planning in the Office of Management and Budget.
  After leaving the Reagan Administration during the second term, Kudlow returned to Wall Street and Bear Stearns, serving as the firm's chief economist from 1987 until 1994. During this time, he also advised the gubernatorial campaign of Christine Todd Whitman on economic issues. In the late 1990s, after a publicized battle with cocaine and alcohol addiction, Kudlow left Wall Street to become an economic media commentator – first with National Review, and later hosting several shows on CNBC.
context_section_description: In March 2018, Donald Trump appointed Kudlow to be Director of the National Economic Council, succeeding Gary Cohn. He assumed office on April 2, 2018.
  In April 2018, Kudlow said that the nonpartisan Congressional Budget Office was untrustworthy. He dismissed CBO's estimate that the 2017 Tax Cuts and Jobs Act would increase the deficit by $1.3 trillion, saying, "Never believe the CBO. Very important: Never believe them. They're always wrong, especially with regard to tax cuts, which they never score properly." All credible studies of the tax plan, whether by non-partisan organizations, Wall Street analysts, or right-leaning research organizations, showed that the tax plan would increase the deficit. In July 2018, Kudlow falsely asserted that "Even the CBO numbers show now that the entire $1.5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP." The CBO actually found that the tax cut reduces revenues and that deficits would increase by $1.9 trillion after accounting for macroeconomic feedback.
  Also in April, Kudlow alleged that U.S. Ambassador to the United Nations Nikki Haley had announced that the U.S. would soon sanction Russia due to "momentary confusion". After Haley contradicted Kudlow's claim, Kudlow called Haley to apologize.
  In April 2018, Kudlow stated, "the trouble I had with the Obama [stimulus] program was it was all spending." However, about 35% of the stimulus was tax relief, including a $116 billion income tax cut.
  As Trump celebrated the six-month anniversary of the tax cut on June 29, 2018, Kudlow falsely asserted that the tax cut was generating such growth that "the deficit, which was one of the other criticisms, is coming down – and it's coming down rapidly." Kevin Hassett, chairman of Trump's Council of Economic Advisers, noted days earlier that the deficit was "skyrocketing", which is consistent with the analysis of every reputable budget analyst. Kudlow later asserted he was referring to future deficits, although every credible budget forecast indicates increasing deficits in coming years, made worse by the Trump tax cut if not offset by major spending cuts. Barring such spending cuts, the CBO projected the tax cut would add $1.27 trillion in deficits over the next decade, even after considering any economic growth the tax cut might generate.
  Kudlow asserted on June 29, 2018, that "capital investment, you know, for new jobs and better careers, [is] flowing in from all corners of the world," though foreign direct investment into America had declined significantly during the Trump presidency through August 2019.
  On June 29, 2018, Kudlow stated, "This is now, the USA, according to the OECD, the hottest economy in the world." However, this was not a new phenomenon under the Trump presidency, as by 2015 the American GDP growth rate had been almost twice that of other industrialized countries since 2008, and by 2015 America had created as many jobs than all other industrialized countries combined since 2010. Kudlow also asserted: "They've been saying that all along, OK? We could never get to 3% growth... It couldn't be done, they say. It's being done." However, analysts have actually said that 3% sustained growth was unlikely, rather than periodic quarters of growth of 3% or more. From 2009 through 2016, GDP growth exceeded 3% in eight quarters – including 5.1% and 4.9% in consecutive quarters of 2014 – yet it did not sustain 3% or more for any full year. Although GDP exceeded 3% in two consecutive quarters of 2017, the average growth was 2.4% through Trump's first five quarters in office. The final figure for first quarter 2018 GDP growth was released the day before Kudlow spoke – coming in at 2.0%. Three months later GDP for the second quarter of 2018 was announced at an annual growth rate of 4.1%.
  On August 28, 2018, after Trump accused Google of rigging search results to show information biased against him, Kudlow told reporters "we're taking a look at" regulating Google.
  In November 2018, eleven months after the Trump tax cut, Kudlow stated, “the tax cut has paid for it
caption: Kudlow with Ivanka Trump in October 2018
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