"No Recession in Sight": Translating Trump and Kudlow


President Trump and his economic advisor Larry Kudlow have important announcements. I can help with translations.

Please consider Trump 'Not Ready' for China Trade Deal, Dismisses Recession Fears.

Consumers Doing Well

  • Trump: “We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money.”
  • Trump Translated: The "tremendous tax" cut primarily benefited the wealthy. Consumers are tapped out. That's why housing and autos are on the ropes.

Deal With China

  • Trump: “I’m not ready to make a deal yet [with China].”
  • Trump Translated: China is damn sick and tired of my tactics. They prefer to wait hoping for a Democrat president.
  • Trump: “I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.”
  • Trump Translated: I have completely abandoned the idea there will soon be a trade deal unless I further capitulate to the demands of China. I was forced to give Huawei Another 90-Day Reprieve and sadly, I Chickened Out by Delaying my Trade War Tariffs to Save the Holiday Season.


Got Gold?

This concludes another Mish public service announcement.

Mike "Mish" Shedlock

Comments (31)
No. 1-13

Trump is spot on,if he sounds desperate,he's got good reason,his govt will not survive without massive levels of fresh (overt)money printing ,even ZIRP won't save DC,deep dish NIRP and massive around the clock money printing to at least buy time to the next election,without it...…..omg!


Cocaine's a hell of a drug, isn't it Larry? Achieving the frame of mind needed to see so many rainbows in this debt ponzi requires powerful stimulants, far beyond anything available over the counter.

The bit about consumers saving should be a referenced for years to come!


Mish, you sound fed up with Trump's lies and inability to deal


I still don't get what Kudlow is doing there. He shares none of the ideology driving Trump's economic policy and is not even close to being on the same page as Navaro who is driving it. Each day it seems more and more clear that Kudlow is not an advisor but a spokesman and spin doctor. I suppose this role isn't new to Kudlow and its probably what he did at Bear Stearns which was being optimistic and giving clients a reason to purchase more equities.


I still call for slow growth going forward. Another year or so of ~1-2% growth; followed by several years of ~1% growth; followed by many years of ~0%. Slow growth, low inflation. Slogflation. The main supporter of growth will be technology and innovation. The main brakes on growth will be debt levels, and increasingly, the negative effects of global warming which will become a bigger problem for the economy as time goes by.