Kudlow says he won't 'sugarcoat' it, U.S. economy is 'going to get worse'
Larry Kudlow, the president's top economic adviser, warned of the dire economic situation the country faces amid the coronavirus pandemic.
"It's going to get worse in the weeks ahead, there's no question about it," he told reporters Friday. "We have not seen the worst of it, I don’t want to sugarcoat it."
Kudlow declined to offer a numerical figure for how bad he forecasts unemployment numbers to get, but when asked on FOX News whether the country is looking at double-digit unemployment figures, he didn’t mince words.
"The numbers are going to come in very badly, they’re going to look terrible in the weeks ahead. How much longer, I don't really want to forecast. That's up to the health people. But there’s no question that it will be bad," Kudlow said.
Larry Kudlow, director of the U.S. National Economic Council, speaks to members of the media at the White House in Washington, D.C., U.S., on Monday, March 24, 2020.
Larry Kudlow, director of the U.S. National Economic Council, speaks to members of the media at the White House in Washington, D.C., U.S., on Monday, March 24, 2020.Oliver Contreras/Sipa/Bloomberg via Getty Images
His comments came after a Friday report from the Bureau of Labor Statistics revealed U.S. employers cut 701,000 jobs in March and the unemployment rate rose to 4.4% from 3.5%.
It marks a sharp reversal from the administration's tone just a few weeks ago, when Kudlow himself said there was no need for "massive, federal throw money at people plans" and the administration was looking at "micro" economic stimulus actions.
Kudlow said the administration's focus remains on implementing the current stimulus and not in writing a future plan, but he added, "if we need to do more, we will do more."
Larry Kudlow, the president's top economic adviser, warned of the dire economic situation the country faces amid the coronavirus pandemic.
"It's going to get worse in the weeks ahead, there's no question about it," he told reporters Friday. "We have not seen the worst of it, I don’t want to sugarcoat it."
Kudlow declined to offer a numerical figure for how bad he forecasts unemployment numbers to get, but when asked on FOX News whether the country is looking at double-digit unemployment figures, he didn’t mince words.
"The numbers are going to come in very badly, they’re going to look terrible in the weeks ahead. How much longer, I don't really want to forecast. That's up to the health people. But there’s no question that it will be bad," Kudlow said.
Larry Kudlow, director of the U.S. National Economic Council, speaks to members of the media at the White House in Washington, D.C., U.S., on Monday, March 24, 2020.
Larry Kudlow, director of the U.S. National Economic Council, speaks to members of the media at the White House in Washington, D.C., U.S., on Monday, March 24, 2020.Oliver Contreras/Sipa/Bloomberg via Getty Images
His comments came after a Friday report from the Bureau of Labor Statistics revealed U.S. employers cut 701,000 jobs in March and the unemployment rate rose to 4.4% from 3.5%.
It marks a sharp reversal from the administration's tone just a few weeks ago, when Kudlow himself said there was no need for "massive, federal throw money at people plans" and the administration was looking at "micro" economic stimulus actions.
Kudlow said the administration's focus remains on implementing the current stimulus and not in writing a future plan, but he added, "if we need to do more, we will do more."
