>> Dana: THANKS, PETER.
SEE YOU NEXT WEEK.
LET’S BRING IN LARRY KUDLOW, THE
WHITE HOUSE CHIEF ECONOMIC
ADVISER.
WE WANT TO TALK ABOUT THE
ECONOMY AND THE JOBS NUMBERS.
OBVIOUSLY SOME NUMBERS,
ABSOLUTELY GOING IN THE RIGHT
DIRECTION THIS MORNING.
LET’S GET YOUR OVERALL REACTION
TO TODAY’S REPORT.
>> I THINK THE HEADLINE, DANA,
BY THE WAY THANKS FOR HAVING ME
ON IS THE 8.4% UNEMPLOYMENT
RATE.
A LOT OF PEOPLE, MAYBE MOST
PEOPLE SAID WE WOULDN’T GET TO
SINGLE DIGITS BY THE END OF THE
YEAR.
WE GOT THERE IN AUGUST, FOUR
MONTHS AFTER THE TERRIBLE
PANDEMIC CONTRACTION.
THE NUMBER ITSELF SURPRISED
EVERYBODY ON THE LOW SIDE.
8.4%.
ON TOP OF THAT, THE SMALL
BUSINESS SURVEY OF HOUSEHOLDS
SHOWED 8.3 MILLION JOBS ADDED
AND THE LARGER COMPANY PAYROLL
SURVEY PUT UP 1.4 MILLION.
BIG NUMBERS.
FOUR MONTHS, ALTHOUGH MR. BIDEN
SEEMS TO BE CRITICAL OF IT, I’M
NOT SURE WHY.
WE PUT BACK 14 MILLION HOUSEHOLD
SURVEY JOBS.
WE’VE INCREASED THE PAYROLLS BY
10.6 MILLION.
THE UNEMPLOYMENT RATE HAS
DROPPED.
THIS IS JUST IN FOUR MONTHS.
WE’RE MORE THAN HALFWAY BACK
FROM WHERE WE STARTED IN A
TERRIBLE PANDEMIC.
I’D SAY IT’S PRETTY GOOD
PROGRESS AND WE’RE STILL VERY
MUCH IN THE V SHAPE RECOVERY
THEME AND WE’RE EXPECTING --
>> Dana: LET ME ASK YOU ABOUT
THAT MORE.
LET ME ASK YOU ABOUT JOHN BOLTON
-- JOE BIDEN’S COMMENTS.
HE THINKS IT’S A K.
>> ECONOMISTS ARE CALLING THIS A
K-SHAPED RECESSION, WHICH IS A
FANCY PHRASE FOR WHAT IS WRONG
WITH EVERYTHING ABOUT TRUMP’S
PRESIDENCY.
THE K MEANS THOSE AT THE TOP ARE
SEEING THINGS GO UP.
THOSE IN THE MIDDLE AND BELOW
ARE SEEING THINGS GO DOWN AND
GET WORSE.
IT’S NO SURPRISE THE ROOT OF
THIS IS THE FACT THAT TRUMP HAS
MISMANAGED THE COVID CRISIS AND
THAT’S WHY IT’S A K-SHAPED
PANDEMIC.
>> Dana: LARRY, DO YOU SHARE
CONCERN THAT LOW INCOME WORKERS
THAT CAN’T GET BACK TO WORK AT
RESTAURANTS BECAUSE THEY’RE
STILL CLOSED MIGHT NOT BE
BENEFITTING FROM THE RECOVERY?
>> WELL, LOOK, THEY GOT HIT THE
HARDEST.
THERE’S NO QUESTION ABOUT THAT.
ON THE OTHER HAND, IN TODAY’S
NUMBERS, IT WAS THE LEISURE AND
HOSPITALITY, WHICH A LOT OF THAT
IS RESTAURANTS AND THE LOW
INCOME WORKERS, THEY PICKED UP
174,000 JOBS.
RETAIL STORES AND RETAIL
OUTLETS, WHICH IS -- TENDS TO BE
LOWER THAN MIDDLE, THAT PICKED
UP 249,000 JOBS.
SO I’D SAY WE’RE GAINING ON IT.
PLUS, IF YOU GO ACROSS THE SWEEP
OF THE UNEMPLOYMENT IMPROVEMENT,
WE HAD DECLINE IN BLACK
UNEMPLOYMENT OF OVER 1.6%,
HISPANIC 2.4%, ASIANS 1.3%.
MEN AND WOMEN WITHOUT COLLEGE
DEGREES HAD A BIG INCREASE OF --
A REDUCTION OF 2% SO THE
UNEMPLOYMENT DROP IS WIDESPREAD.
THE JOB INCREASE IS LARGE
DIFFUSE OF INJURY AND LOWER
PAYING JOBS.
I DON’T AGREE WITH MR. BIDEN.
I WANT TO SAY, DANA.
WE’RE TALKING POLICY HERE.
MR. BIDEN HAS A PLAN THAT WOULD
INCREASE TAXES BY FOUR TRILLION
DOLLARS.
PRESIDENT TRUMP WAS THE TAX
CUTTER AND THE DEREGULATOR.
PRESIDENT TRUMP WILL CUT TAXES
MORE IN THE -- IF HE’S
RE-ELECTED.
NOBODY, NOBODY IN EITHER PARTY,
I CAN’T IMAGINE WHETHER YOU’RE A
A SUPPLIER BELIEVES COMING OUT
OF A PANDEMIC CONTRACTION OF
THIS MAGNITUDE AND HARDSHIP,
NOBODY WOULD WANT TO RAISE TAXES
AND TAKE MONEY OUT OF PEOPLE’S
WALLETS AND POCKET BOOKS.
DOESN’T MAKE ANY SENSE.
>> Dana: LARRY, I HAVE TO RUN.
