Your Basic Needs: Food, Shelter and The TRUTH
Remarks by President Trump in Press Briefing - September 23, 2020
Q Because we're getting a - you don't know that?
MR. KUDLOW: I will wait -
Q You're an economic adviser and you don't know that?
MR. KUDLOW: Yes, right. If you'll just stop nitpicking, and let me explain to you.
Q It's not nitpicking.
MR. KUDLOW: These numbers -
Q I don't want a history lesson; I want to know what's happening today.
MR. KUDLOW: Well, you should have a history lesson, too. It would help you understand.
Q (Inaudible.)
MR. KUDLOW: But I'm going to say to you: These are Census Bureau numbers. The most accurate, comprehensive - they are not out yet. So I'm giving you the ones that were released late last week; they are the most up-to-date numbers.
And under the President's policies of lower taxes and regulations and energy independence and better trade deals, we've had a phenomenal increase in living standards - five times what the prior administration had for eight years - and we're proud of that. And this is a topic that will come up again and again.
The second point I want to make is while living standards went up, poverty went down and inequality went down. So the notion that, under President Trump, only the top end benefit is simply not true. These are facts from the Census Bureau, and they are backed up by many other facts that we've talked about, as I've discussed with those of you.
And then finally, the "V"-shaped recovery - we've got more work to do on unemployment and employment. No question about that. I think this is a self-sustaining recovery, as I've said. We would welcome some additional assistance in targeted areas, particularly getting back to school and working on COVID-related safety precautions and health precautions. We'd love to see an extension of the small-business loans, the PPP program. But the recovery itself continues to move ahead nicely. We're in the right direction, and this is no time to change policies.
Yes, ma'am. Go ahead, please.
Q Could you comment on a pending stock deal that's going to be taking place - an IPO in the Hong Kong Stock Exchange? It's Ant Technology Group. It could raise as much as $40 billion, potentially the largest IPO in history. There have been a lot of security - national security concerns, a lot of human rights concerns about the technology used potentially to suppress the Uyghur people. What is the administration's position on the Ant Technology Group IPO?
MR. KUDLOW: I'm going to reserve comment on the deal itself. But I will add, to your question, we are examining all these deals and publicly held companies - China-based companies - that may list on our exchanges. We are examining them with respect to transparency, possible fraudulent accounting. This comes from a Financial Working Group report. And we've given them one year to shape up and get their books in order, including their backdrop books - their supporting papers - to prove to the Public Accounting Board and the SEC that they are safe for American investors. I withhold comment on that particular deal.
Yes, sir.
Q Today, in California, the governor issued an executive order designed to move the state to the point where there will be no gas-powered vehicles sold by 2035. What do you make of this move that's taking place in California? Do you expect it to spread around the country? What are the poli- - the economic ramifications?
MR. KUDLOW: I don't expect it to spread, with respect to Governor Newsom, whom I know. It just seems like a very extreme position. I don't know how you get there.
I'll have a look at the proposal. If there's more detail and meat on the bones. I don't see this happening elsewhere. I don't think we should be taking any steps to get rid of fossil fuels, for example. And, by the way, there should be consumer choice for all automobiles, and that includes electric automobiles.
But I'd have to look at the governor's proposal. It just sounds very extreme to me. I don't know how you do it.
Yes.
Q Larry, do you think that the fight now over the Supreme Court nominee is going to have a major impact on the possibility to get PPP extended? And what impact will that have on the economy, if, for example, aid for airlines does not get extended in October?
MR. KUDLOW: You know, it doesn't have to interfere. I mean, you can walk and chew gum at the same time. They operate on different lanes, legislatively. So, I guess that's my take.
We would like very much to help the airlines. We've told them that. You can't run a healthy economy without the airline channel, and we'll see what has to be done there with respect to possible legislation or even possibly with respect to executive administrative action. We will take a look on that.
Again, you've heard me say: I don't think this recovery right now is dependent on an additional assistance package, but there are a number of targeted areas in that package, including airlines - most particularly, small-business loans and getting back to school - that I think would be a big help.
And I just don't see, if you can have agreement on four or five or six measures, which is what's been happening, even though you don't get the whole deal, why not do it? It'll help Americans move ahead in terms of the recovery.
Last one. Yes, sir.
Q Do you think that we need another broad stimulus package? Or do you think -
MR. KUDLOW: Do I think that what?
Q Do we think - do you think the U.S. needs another broad stimulus package? Or do you favor, sort of, à la carte-type measures - like on airlines, for instance?
MR. KUDLOW: Yeah, I - I would say to you: sensible, efficient, targeted measures might be very helpful. I don't think we need another gigantic, multi-trillion-dollar package.
And as I say, you know, the latest numbers coming in are looking very good - the "V"-shaped recovery. I mean, the Atlanta Fed GDPNow model is showing over 30 percent growth in the third quarter. The Blue Chip forecasters are well over 20 percent. Our view has been 20 percent-plus. We'll see. We'll get that number in due course.
I'm just saying: Let's be smart about some of these assistance measures. Thank you very much.
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Go Back
MR. KUDLOW: I will wait -
Q You're an economic adviser and you don't know that?
MR. KUDLOW: Yes, right. If you'll just stop nitpicking, and let me explain to you.
Q It's not nitpicking.
MR. KUDLOW: These numbers -
Q I don't want a history lesson; I want to know what's happening today.
MR. KUDLOW: Well, you should have a history lesson, too. It would help you understand.
Q (Inaudible.)
MR. KUDLOW: But I'm going to say to you: These are Census Bureau numbers. The most accurate, comprehensive - they are not out yet. So I'm giving you the ones that were released late last week; they are the most up-to-date numbers.
And under the President's policies of lower taxes and regulations and energy independence and better trade deals, we've had a phenomenal increase in living standards - five times what the prior administration had for eight years - and we're proud of that. And this is a topic that will come up again and again.
The second point I want to make is while living standards went up, poverty went down and inequality went down. So the notion that, under President Trump, only the top end benefit is simply not true. These are facts from the Census Bureau, and they are backed up by many other facts that we've talked about, as I've discussed with those of you.
And then finally, the "V"-shaped recovery - we've got more work to do on unemployment and employment. No question about that. I think this is a self-sustaining recovery, as I've said. We would welcome some additional assistance in targeted areas, particularly getting back to school and working on COVID-related safety precautions and health precautions. We'd love to see an extension of the small-business loans, the PPP program. But the recovery itself continues to move ahead nicely. We're in the right direction, and this is no time to change policies.
Yes, ma'am. Go ahead, please.
Q Could you comment on a pending stock deal that's going to be taking place - an IPO in the Hong Kong Stock Exchange? It's Ant Technology Group. It could raise as much as $40 billion, potentially the largest IPO in history. There have been a lot of security - national security concerns, a lot of human rights concerns about the technology used potentially to suppress the Uyghur people. What is the administration's position on the Ant Technology Group IPO?
MR. KUDLOW: I'm going to reserve comment on the deal itself. But I will add, to your question, we are examining all these deals and publicly held companies - China-based companies - that may list on our exchanges. We are examining them with respect to transparency, possible fraudulent accounting. This comes from a Financial Working Group report. And we've given them one year to shape up and get their books in order, including their backdrop books - their supporting papers - to prove to the Public Accounting Board and the SEC that they are safe for American investors. I withhold comment on that particular deal.
Yes, sir.
Q Today, in California, the governor issued an executive order designed to move the state to the point where there will be no gas-powered vehicles sold by 2035. What do you make of this move that's taking place in California? Do you expect it to spread around the country? What are the poli- - the economic ramifications?
MR. KUDLOW: I don't expect it to spread, with respect to Governor Newsom, whom I know. It just seems like a very extreme position. I don't know how you get there.
I'll have a look at the proposal. If there's more detail and meat on the bones. I don't see this happening elsewhere. I don't think we should be taking any steps to get rid of fossil fuels, for example. And, by the way, there should be consumer choice for all automobiles, and that includes electric automobiles.
But I'd have to look at the governor's proposal. It just sounds very extreme to me. I don't know how you do it.
Yes.
Q Larry, do you think that the fight now over the Supreme Court nominee is going to have a major impact on the possibility to get PPP extended? And what impact will that have on the economy, if, for example, aid for airlines does not get extended in October?
MR. KUDLOW: You know, it doesn't have to interfere. I mean, you can walk and chew gum at the same time. They operate on different lanes, legislatively. So, I guess that's my take.
We would like very much to help the airlines. We've told them that. You can't run a healthy economy without the airline channel, and we'll see what has to be done there with respect to possible legislation or even possibly with respect to executive administrative action. We will take a look on that.
Again, you've heard me say: I don't think this recovery right now is dependent on an additional assistance package, but there are a number of targeted areas in that package, including airlines - most particularly, small-business loans and getting back to school - that I think would be a big help.
And I just don't see, if you can have agreement on four or five or six measures, which is what's been happening, even though you don't get the whole deal, why not do it? It'll help Americans move ahead in terms of the recovery.
Last one. Yes, sir.
Q Do you think that we need another broad stimulus package? Or do you think -
MR. KUDLOW: Do I think that what?
Q Do we think - do you think the U.S. needs another broad stimulus package? Or do you favor, sort of, à la carte-type measures - like on airlines, for instance?
MR. KUDLOW: Yeah, I - I would say to you: sensible, efficient, targeted measures might be very helpful. I don't think we need another gigantic, multi-trillion-dollar package.
And as I say, you know, the latest numbers coming in are looking very good - the "V"-shaped recovery. I mean, the Atlanta Fed GDPNow model is showing over 30 percent growth in the third quarter. The Blue Chip forecasters are well over 20 percent. Our view has been 20 percent-plus. We'll see. We'll get that number in due course.
I'm just saying: Let's be smart about some of these assistance measures. Thank you very much.
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