Larry Kudlow: I Don't Know What Planet Democratic Candidates Are On, The Economy Is Doing Great

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Trump economic adviser Larry Kudlow responds to Democratic candidates' concerns about income inequality and financial corruption:

WALLACE: I want to squeeze two more questions. So, let's do quicker questions and answers. As you well know, the Democrats held two debates this past week and they said for all the presidents bragging about a strong U.S. economy that isn't working for all Americans. Take a look.



SEN. ELIZABETH WARREN (D-MA), PRESIDENTIAL CANDIDATE: When you've got an economy that is great for those with money and isn't doing great for everyone else, that is corruption, pure and simple. We need to call it out, we need to attack it head on.

WALLACE: How do you respond to that?

KUDLOW: Yes, I just don't understand in general. I hear some of their policies and I hear some of their narrative. I don't understand what planet they're describing. The United States economy is booming. It's running at roughly 3 percent average since President Trump took office two and a half years ago.

On this business about bad distribution, the blue-collar workers, the nonsupervisory workers have done the best. They're the ones running wages at 3-1/2 percent. Their growth and incomes and wages is exceeding the growth of their supervisors. The unemployment rate is low.

We just had the best June stock market, the Dow Jones, in over 80 years. That's going to fill up the 401(k)s of middle-class folks everywhere.

WALLACE: But let me just pick up.

KUDLOW: I just don't -- I don't understand that this is very important. These are factual issues, OK? I understand that there's a political spin, but these are factual, measurable areas and I would just say, I do not understand their narrative. We are in a strong prosperity cycle --

WALLACE: Let me interrupt your campaign speech. I don't think you would disagree --

KUDLOW: It's not a campaign speech. I'm citing facts and figures, my friend.

WALLACE: I -- all I'm saying is this, I don't think there's any question, you would agree and there are -- and I'm going to be talking with Tom Perez later about the economic record, but there is clearly a stark income inequality in this country. Bernie Sanders press that point. Take a look.

SEN. BERNIE SANDERS (I-VT), PRESIDENTIAL CANDIDATE: At a time where we have three people in this country owning more wealth than the bottom half of America while 500,000 people are sleeping on the streets today, we think it is time for change, real change.

WALLACE: I've got 30 seconds for an answer. If President Trump is reelected in 2020, what specifically will he do to reduce, not eliminate, but to reduce the huge gap between the wealthy and the poor in this country?

KUDLOW: Look, what we are doing right now, the best manufacturing autos, blue-collar work recovery, the fastest increase in jobs, the fastest increase in wages. Those are facts. This goes on for many decades, the best performance.

I do not know what some of the candidates are saying. I don't know what their factual basis is. Economic growth, a strong and durable prosperity cycle, and I will make this warning, some of the policies I've heard in some of these early debates in my judgment would do great, great damage to this prosperity and jobs and income and wage cycle that we are experiencing.

So, somebody's got to do a little bit of fact-checking here on what some of these candidates are saying. I would simply say this -- the economy is strong, the narrative I'm hearing from the other side just ain't so.

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