Kudlow: ‘It Will Be Hard to Escape a Recession’

In the wake of Federal Reserve Chairman Jay Powell’s announcement that interest rates would be raised by 0.5%, Fox Business Network host Larry Kudlow on Thursday warned that the U.S. economy was “in trouble.”

Kudlow, appearing on Fox News Channel’s “America’s Newsroom,” said it was going to be “hard to escape a recession” in the coming years.

“[T]he Fed remains way behind the curve, and we’re in trouble,” Kudlow advised. “And inflation is going to continue.”

“We are going to have a difficult time,” he added. “There is going to be some tough, tough — I mean, I think it will be hard to escape a recession. I don’t think it is this year, but I think it’s next year. And the point I’m trying to make is the sooner the Fed acts decisively and takes aggressive action. It’s up to them to bring down inflation. Yeah, the better off we’re going to be in the long run. You can’t have growth and prosperity without that.”

The former Trump economic adviser continued, “I mean, it’s all become so darn political, and there are woke members of the Federal Reserve board that care more about climate change and various social issues than they do about price stability.”

Follow Trent Baker on Twitter @MagnifiTrent