tv White House National Economic Council Director Larry Kudlow Speaks to... CSPAN January 19, 2019 4:43am-5:08am EST
his speech on january 29? >> we will keep you posted on that front. >> [inaudible] >> absolutely. the speakerming of to make that type of accusation, it is outrageous that she would accuse the president of the united states of putting anyone in jeopardy, the reason he did not want her to go is because he is trying to protect american citizens, he wants to secure border and wants a solution, he wants her to stay here. announcer: the director of the white house national economic council spoke to reporters about the economy and the shutdown. larry carlos comments are about 20 minutes. is on you, brother.
>> can i take the hat off? >> no, it is a good hat. >> not everybody wants me to wear the hat. happy new year. >> [indiscernible] >> infrastructure is important. are working through a lot of good options. give me a couple more weeks to do it. >> [indiscernible] >> i do not want to do numbers. we are working through it. importantly here, not only do we have our priorities. remember, we talking bridges and highways. we are also talking major improvement in our energy infrastructure. where the global, dominant energy power. we want to increase that. so we're working with all the agencies to come up with something.
do you think the shutdown will hurt the economy? >> i want to be evenhanded. offrom what you have seen economic data, how long can the u.s. economy withstand a government shutdown without these effects becoming more widespread and hurting growth? mr. kudlow: you are going to get a temporary glitch in the numbers. i think the modeling on this is very difficult. how long, i do not want to speculate. let's do the here and now. this morning we had a number from the u.s. economy on industrial production and manufacturing. it is what we do and it is what trump policies have tried to improve and it is working. it was a spectacular number. manufacturing and production. in the production of business
equipment. this is the seventh straight month, the fourth quarter. almost 8% at an annual rate. we are soaring on this. we are going to beat 3% gdp in the fourth quarter. we have fabulous retail sales. that is all out there. time lag on the numbers. we are in very good shape. i just want a make that point. you can see by the action in the stock market. people looking for the temporary shutdown, they are just looking through it. that is all that matters today. >> do you think there will be any permanent -- >> are not getting paid are working. i assume this administration wants people to work and be paid for their look -- their work. how many more weeks? bad,udlow: hardship is very bad.
i have young people on my staff. i know the stories i read in the papers. i get that, hardship is a bad thing. having said that, the president has tried his mightiest to make a compromise deal with democrats to solve this. with respect to border security and the wall, must include the principles he is espousing. the security of the border is absolutely vital to the health, wealth and economy of this country. that is my personal view. sometimes you have to stand up for it. the happybecause i am warrior, that, heads will prevail and we will get through this and be better off for it. that is my personal view. the president is doing the absolute right thing. we must have order at the border .
we have the drug problem, the criminal problem, gang problems. we tried immigration reform. this am -- administration has pushed terrific lands. sometimes we thought we had something cooking, then it went up in smoke. all i am saying, you have to stand up for what you believe in. it is vital. how concerned are you about the economic blowback from this shutdown that really has no end in sight at this point? mr. kudlow: i keep repeating how strong our economy is. i will keep repeating how strong our private economy is. , butw it is a little wonky cut me some slack. take a look at the production. do me a favor. look at the production numbers and you will see how strong we are. let me ask you something else. we are roughly two years and the trump administration. quarter, ofe first
2017, which was really president obama's last quarter, we have had seven trump corridors. three in 2017, 4 in 2018. i am penciling and 3% in the fourth quarter. we will of shown growth the first two years with our planned to roll back tax rates on andviduals and companies deregulate the economy and trade usmc trade reforms and talks with china that are progressing. we are growing better than 3%. future. predict the ali them saying, a whole lot of people said that would not be possible and it is possible. let me add one other thing. i am proud of this accomplishment because i was involved in its inception several years ago.
these are the best employment numbers, blue-collar workers. that is why i think the energy thing is so important. blue-collar, what i call hardhat, infrastructure, they are booming. the 1980'sest since when i was last here is a reagan cub scout. and the wages of those folks are rising. they are rising faster than the wages of the white-collar workers. wages are not higher, but they are rising faster. this is what we hope would happen and it is working. the stuff going on is temporary. our economy is very strong. >> let me follow up on what you said. -- foresee anye chance of a permanent slip on the economy because of the shutdown, now or if it continues further?
or do you believe you can avoid it? if so -- mr. kudlow: i am not here to negotiate. i am just saying as matters stand now, we're in a very strong economy. i work for president trump, gladly and with honor. i'm am just saying please, look at the facts, look at the figures. i am not making this up. the numbers i am quoting, if they were not there, i would not quote them. things are in great shape. that is all we know. i am not going to speculate on the length of negotiations and this and that. it is not my job. >> but you are the economist. mr. kudlow: the economist can only tell you we generated a set of new policies. after two years they are working. >> do they interfere with your policies? mr. kudlow: i do not see why.
this is a temporary thing, we all know it will be temporary. folks are going to get paid, thankfully. we sign the legislation, folks are going to get paid. this will ed -- end. i am not here to predict or negotiate. i am saying we will get through it. the economy itself in the long-term outlook is doing very well. everyone is commenting on the united states. it is one reason the chinese look like they want to do trade negotiations with us. we are hot. >> the deficit? mr. kudlow: we will deal with the deficit and hold back spending. stories of the everyday americans struggling to pay their bills come are they resonating with the president? mr. kudlow: of course they are. he looks at everything. nobody wants this. it is the worst part of the story. let's get this thing done, let's make a deal.
let's make a deal for border security and the wall and the reopening of the government. let me build my energy infrastructure. let's have more tax reform for economic growth. let me do a lot of great things for america. that is what the president is here to do. let's get through that. >> with the president be open to a measure to at least pay the coast guard immediately? mr. kudlow: i am not out here to talk about those kind of details. >> chinese tariffs? >> the latest on china, can you give us something? >> are you concerned at this stalemate, with little what does that say as we go to the deadline? we will haveed another crisis in the next two months? mr. kudlow: no. gosh, i have been through so many debt ceiling things. you might think about reforming that old debt ceiling thing. we have to do everything we can to maximize economic growth.
to, you may say i am editorializing, but the facts support me. the policies we have taken a boost in middle income folks, manufacturing folks, farms, farmers. we are on the road to a very good north america, the usmca deal could help a lot of people. financial services, digital services are terrific. nobody wants to talk about that, i do. policies,d regulatory our infrastructure is progress. the data shows it. let's just try to keep this up. america has come back on a roll. i want to preserve that. that is all. >> on china, can you give us an update? mr. kudlow: i will try. i'm reading a lot of things in the paper that is not true. what is your question? >> tell us what is true. i will be happy to
respond to a question. >> can we roll back tariffs? mr. kudlow: of course not. we are making progress in negotiating on the grandest scale between the two countries ever. --are covering everything technology, theft, ip, forced transfers, family jewels, cyber intervention, commodities, industrial supplies, financial supplies, service. nothing like this has ever been undertaken. the president has led this. he has fought this. the lack of reciprocity, no other president has done this. he has used tariffs when appropriate and now negotiations. negotiations are good. what i want to say to you, i am reading things in some online sources that are just not true,
way ahead of the curve. we have to make a great deal for america. if you talk to the president about this he will tell you, he would like to make a deal, he is moving toward a deal, he is talking to president xi. i was at that deal in argentina. it has to be in america's interest. technology, ownership, the whole nine yards. it will take time. we are moving. deputy prime minister, their top economic advisor, he is coming here at the end of the month. those talks will be at the high principal level. lighthizer,ere, mr. steve mnuchin. i do not want to predict anything. i am reading stories online about stuff already done that is not true. i would love to make a deal, am a free trader. we are working on it. give us some time.
people keep writing stuff, i do not know where they are getting this stuff. cohn said he is confused about what the white house strategy is. he said it makes no sense whatsoever as far as thousands of federal employees. what is your reaction? is mydlow: he predecessor, a great american. that is all i have to say. he has his own views, i do not agree or disagree. >> [indiscernible] mr. kudlow: with respect to what? we have been negotiating from day one. >> what is the white house going to do? mr. kudlow: the white house will make it clear, i am not negotiating with you, i am stating policies that we must fix the border. border security including the wall or whatever the construct of the wall is, is a principle we have to fight for. to preserve the united states.
to preserve the united states. >> are you willing to go under $5.7 million? mr. kudlow: i am not here to negotiate at all. , am just saying in response the democrats want this, what do we want? we say it every day. we say it daily, afternoonly, nightly. rry, you have often spoken of the president's negotiating prowess, including just now. if the president is such a skilled negotiator, then why does he need to hold 800,000 federal employees' jobs hostage
and keep all of the parts of the government that are not related to homeland security shut down? mr. kudlow: i am not going to negotiate. i am not here to negotiate. i am not here to comment. maybe he is a real smart guy. how about i leave it at that? the employees impacted, having a ripple effect on small businesses, farms, how long will it take to recover from the current slowdown? mr. kudlow: the recovery will be almost immediate. >> how? mr. kudlow: let me step back. >> [indiscernible] mr. kudlow: you move over. [laughter] mr. kudlow: i will talk to you directly. that is the way i am. america is predominantly a private sector economy. i just want to make that point. you will say kudlow, this free market stuff.
you are right, i have believed that for many decades. the government is part of that. it sometimes makes us better, sometimes does not. the items you are referring to, whatever those may be, are a small share of the economy, a very small share. the government sector, fortunately, is a small share of the economy. i do not want to get in any trouble giving details of this. i will simply say that when government business resumes, the switch will turn and you will not even hardly know what happened, to be perfectly honest. i went through this many years ago for president reagan. inovered it as a broadcaster other shutdowns. this is temporary stuff. everybody knows it is temporary. we will resume very quickly. >> [indiscernible] and other small businesses ancillary impact?
mr. kudlow: if they can prove their worth, they can get it back then. >> the march for life took place, people protesting abortion. what impact on the economy, if any, does abortion have? people were in town today protesting. mr. kudlow: i am personally pro-life and have been for a long, long time, and will be. i am pro-life. i do not want to miss anybody. we are all out here freezing. >> when you are talking about almost immediate effect after know the circle part of the economy is consumer confidence as well. we lost some ground
because of the shutdown. always does, it will boom right back. let's get back to economics. where i hope i know a little bit. you had tremendous christmas and holiday sales. we missed a number because congress temporarily closed. we did not get the retail sales number. friends of mine in the statistics business are working through the same store comparable sales and show it is a booming season. it is one of the reasons i am optimistic about 3% plus in the fourth quarter when numbers are finally release. consumer confidence will be through the roof. >> it won't be hurt by the shutdown? mr. kudlow: i think it will soar. it might be off by tenths of point. there will be relief. if for no other reason then we
can go back to watching netflix. college basketball games. i know i should not say that. i do not own netflix. >> you just mentioned you believe the trade policy with china is going well. we know the deadline is coming up in march. do you believe we are heading in the right direction and we will meet the deadline to reach a deal with china? mr. kudlow: i do not want to talk about that here. we are focused -- the reason i think the trade talks are going well is because they are going well. i am not being clever here, i am just saying. the kudlow dictum, it is always better to talk of and not to talk. maybe not always, but usually. as i said earlier, we are there have never been trade discussions with the scope anything close to this. i am not going to predict the outcome. some people are writing stories we are not sure are true.
he will have his top folks. you would still say that if a deal has not been reached that the president will put those scheduled tariffs that were halted before on china. >> the president has said that. that is completely up to him. "yes" march 1 is the deadline. as i only say to this line of inquiry, we are focused right now not on march 1 but on right now and the run-up to the very meetings wean he --
will have with the vice premier. reporter: let me ask you to pull back a little bit. there is a lot of other news out there about your boss. there is news that he could be in legal jeopardy. is not my lane. i am not worried. >> he is your boss. >> he is my boss but i'm not worried about his position. i am very proud of what we have done with the economy. >> i got here late. you have to start over. [laughter] >> one last one before we all go home? someone i have not called on. >> we appreciate you doing this. anytime you want to do it in the briefing room where it is a
little warmer. could we have just one big talk and get it all done? >> i would not want to prejudge that. you could. i am not here to negotiate so i do not want to say yes, no, or maybe. you could do a lot of things. i will say this, we are growing faster than 3%. they said we could not do it. >> anytime you want to join us in the briefing room. >> the government shutdown is in its 29th day. the president said he will make announcement concerning the humanitarian crisis in the southern border and the shutdown today. we will have live coverage on c-span agreement the senate is in session today. they are returning because of
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