Fox Business’ Varney Tells Kudlow He Can’t Sugarcoat ‘Awful’ Economy: ‘Is This a Depression?’
White House chief economic advisor Larry Kudlow spoke with Fox Business’ Stuart Varney today about how bad the economy is going to be for Americans in the short-term as the US response to the coronavirus continues.
Varney started off by saying, “You can’t sugarcoat this thing, you can’t. The economy looks absolutely awful. Would you tell us honestly from your perspective how bad is it?”
Kudlow said, “We are suffering through a very painful, very difficult economic contraction… It’s going to be temporary, but it’s going to be very difficult.”
“Is it a depression, Larry?” Varney asked. “I’ve got Morgan Stanley coming out saying the second quarter we contract 38 percent, okay, on an annual basis, but that’s an extraordinary contraction. That is a depression.”
Kudlow said the steps they are taking to combat the coronavirus have “interrupted a very strong business prosperity, a very strong job prosperity, and the whole economy is suffering, and I do not think it’s going to get any better in the weeks immediately ahead.”
He went on to say he thinks this “will prove to be temporary” and won’t last the rest of the year, bringing up the massive stimulus package and saying “we will see a very strong economic recovery when this has played itself out.”
You can watch above, via Fox Business.
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