White House economic adviser Larry Kudlow said Sunday that "there’s no recession on the horizon."
"What's wrong with a little optimism?" he asked "Fox News Sunday" guest host Dana Perino.
DANA PERINO, FOX NEWS: Is the administration considering any new legislative policies or executive action to stave off what some are saying could be a possible coming recession?
LARRY KUDLOW: Well, first of all, I don't see a recession at all. Second of all, the Trump pro-growth program, which I believe has been succeeding lower tax rates, bid rollback of regulations, energy opening, trade reform, we’re going to stay with that. We believe that's the heart of the free enterprise. We want an incentive-oriented supply-side economy, providing opportunities for everybody across the board.
And as your report mentioned, look, we have blowout retail sales. Let me just pause there.
Consumers, first of all, they’re working. The employment numbers are terrific. Second of all, they are working at much higher wages. Third of all, they’re spending. And fourth of all, interestingly, they are saving, even while their spending.
That's about as good as it gets and I notice, at the end of the week, a lot of the Wall Street firms have been marking up their economic growth forecasts. I think we’re in pretty good shape and I want to just say you know, we should not be afraid of optimism. I don't know what it is, everybody wants to talk about pessimism, recession --
PERINO: Is that why the president --
KUDLOW: There’s no recession on the horizon.
What's wrong with a little optimism, Dana?
PERINO: I -- oh, you know me, I’m an optimist.