Capitol Report — Top White House economist Larry Kudlow on Wednesday called for measures including a payroll-tax holiday and deregulation for small businesses, as he said growth would be worse in the second quarter than the first.
Kudlow, who heads the National Economic Council, appeared on Fox Business Network after the government reported that gross domestic product, the official scorecard for the economy, shrank at a 4.8% annualized pace from the beginning of January through the end of March.
Kudlow predicted what he called a “big snapback” in growth of as much as 20% in the second half of the year. Asked about another stimulus package from Washington, he said it’s important to create “incentives to grow in the medium and longer term,” and listed tax and regulatory relief and infrastructure investment.
President Donald Trump on Tuesday appeared to dismiss the idea of giving Americans another round of direct stimulus payments, saying he favored payroll-tax cuts instead.
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by robert schroeder
april 29, 2020