White House economic adviser Larry Kudlow on Sunday said that the American economy is “off of the races” on a V-shaped recovery, regardless of extra moderate predictions from other economic experts.
Some economists who think Orange Man Bad are predicting a slow recovery where the drop in economic activity at the beginning of the virus pandemic shutdown was steep like the left side of a V, and the right side will be more of a 20-degree angle, rising slowly over a longer period of time.
Kudlow is saying that’s nonsense because all economic indicators are already showing a V-shaped recovery where the economy will recover quickly and strongly.
“With the rescue package and the reopening of the economy as we transition, 80 percent of small businesses according to the Chamber of Commerce are reopening. … New business applications are roaring,” Kudlow told “Sunday Morning Futures.” “I think we’re off to the races in what will be a very strong V-shaped recovery.”
Unemployment claims have been down for 10 consecutive weeks and the May job numbers came out better than expected, Kudlow said.
An estimated 21 million Americans, nonetheless, are out of work.
Other “experts” have predicted a less speedy recovery, but you can’t believe anything from outside the administration these days, because the Left has corrupted everything.
The economic recovery is extra likely to be a “checkmark” than a V-shaped recovery, Allianz Chief Economic Adviser Mohamed El-Erian said on Tuesday.
“Every short-term indicator — mobility, travel, everything — is pointing to the economy picking up,” El-Erian told “Mornings with Maria.”
“What is being debated, and rightly so, is the pace of recovery. And there is the view that it’s going to be a ‘V,’ or there’s a view it’s going to be a checkmark, flatter in terms of how it comes back. I think it’s more of a checkmark — hoping for a V — but it’s going to be more of a checkmark because we have to fix a lot.”
El-Erian chaired the Global Development Council for the Obama administration. ‘Nuff said.
