'I would be bragging about it too': Trump economic adviser admits Biden economy is 'good'

Larry Kudlow, who served as director of the National Economic Council (NEC) in then-President Donald Trump's administration, recently acknowledged that President Joe Biden is overseeing a strong economy.

In a Fox Business appearance on Thursday, Kudlow pointed to the news that the US economy grew by 3.3% in the 4th quarter of 2023 as evidence of the strength of the economy heading into an election year. That increase is much higher than the projected 2% growth forecasted by the Bureau of Economic Analysis. While that level of growth could be partially attributed to higher than average spending in a holiday season, the fact that expectations were shattered is a byproduct of other positive factors, like higher wages, lower costs and a decrease in the rate of inflation.

"Yes, I'm an honest broker, he got a good 3.3% for the fourth quarter, following a good 4.9% in the third quarter, OK?" Kudlow said. "If I were he, I would be bragging about it too. And inflation has come down. All's fair in love, war and politics. Brag when you can. I get it. I've been there."

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While his term began with a rocky start given the mass layoffs and broken global supply chains as a result of the Covid-19 pandemic, Biden has presided over a massive turnaround after his first three years in office. As NEC director Lael Brainerd stated in December, the US unemployment rate has remained under 4% for the longest stretch in more than five decades, and wage growth is outpacing inflation, meaning more workers have more money in their pockets.

Costs are also coming down for many Americans. Bloomberg reported on Monday that median rents — typically the biggest monthly expense for millions across the country — have declined for eight consecutive months. A gallon of gas costs roughly 34 cents less today than it did at this time last year. And while food prices have gone up, the rate at which they've increased is far lower. Nerdwallet found that while groceries went up in price by more than 2% between December of 2022 and December of 2023, that pales in comparison to the 10% increase that happened during that same window between 2021 and 2022.

The stock market has also fared well under Biden's leadership, in spite of Trump's October 2020 prediction that markets would crash. In fact, the S&P 500 closed at an all time high of over 4,839 last week. The Dow Jones Industrial Average closed above 38,000 this week for the first time in history. Biden's economic performance has also been touted by his fellow Democrats in the House of Representatives, who will be sharing a ballot line with him this November. Rep. Brendan Boyle (D-Pennsylvania) pointed out that a side-by-side comparison of the Trump and Biden economies shows Biden's has been more prosperous.

"The 3.3 percent GDP increase in [the fourth quarter] of 2023 caps off a year of exceptional growth for our economy," Boyle stated. "With last year’s numbers, average annual GDP growth for the first three years of the Biden administration comes in at 3.4 percent, far outpacing the 2.6 percent during the first three years of the Trump administration."

READ MORE: 'Longest stretch in 50 years': Unemployment historically low despite experts' predictions

Watch the video of Kudlow's comments below, or by clicking this link.