Larry Kudlow, a former Wall Street economist along with also also current CNBC senior contributor, could be “exactly the wrong voice” as President Donald Trump’s brand new top economic advisor, said former Reagan budget director David Stockman.
Somebody needs to wake-up Trump coming from an economic agenda in which’s “off the deep end,” something Kudlow could not be able to do, Stockman argued on CNBC’s “Fast Money Halftime Report.”
Kudlow is actually a “Wall Street cheerleader,” added Stockman, who was Kudlow’s old boss at the Office of Management along with also also Budget during the Reagan administration.
Stockman’s comments came in response to CNBC’s Jim Cramer’s report in which Kudlow is actually “the leading candidate” to replace Gary Cohn as director of Trump’s National Economic Council.
Cohn, president of Goldman Sachs before joining team Trump, announced his resignation last week coming from his White House post after he lost his fight against steel along with also also aluminum tariffs.
Kudlow, an unapologetic free-trade advocate throughout his career, has recently softened his stance on China as a bad actor. in which could put in him in Great standing with Trump’s views, said Cramer, who worked for years on their onetime CNBC show, “Kudlow along with also also Cramer.”
nevertheless like Cohn, Kudlow has said recently on CNBC he could have advised the president not to pursue tariffs as a way to bring China along with also also various other unfair traders to heel. Kudlow was an informal advisor to Trump during the 2016 presidential campaign.
While much of the speculation surrounding a Kudlow pick was around trade on Monday, Stockman said any drag coming from trade policy is actually far outweighed by the looming Trump “fiscal disaster.”
Kudlow thinks the U.S. economy can grow its way out of rising deficits, nevertheless in which late inside business cycle post-Great Recession in which’s not possible, Stockman argued.
In his reporting, Cramer, host of CNBC’s “Mad Money,” stressed in which no decision by Trump has been made on Kudlow or anyone else to take Cohn’s place.