Trump dismisses worries of recession, says economy is strong

BERKELEY HEIGHTS, N.J. (AP) — President Donald Trump dismissed concerns of recession on Sunday and offered an optimistic outlook for the economy after last week’s steep drop in the financial markets.

“I don’t think we’re having a recession,” Trump told reporters as he returned to Washington from his New Jersey golf club. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”

A strong economy is key to Trump’s re-election prospects. Consumer confidence has dropped 6.4% since July.

The president has spent most of the week at his golf club in New Jersey with much of his tweeting focused on talking up the economy.

Aides sought to reinforce that message during a series of appearances on the Sunday talk shows.

Larry Kudlow, Trump’s top economic adviser, dismissed fears of a looming recession and predicted the economy will perform well in the second half of 2019. He said that consumers are seeing higher wages and are able to spend and save more.

“We’re doing pretty darn well in my judgment. Let’s not be afraid of optimism,” Kudlow said.

Kudlow acknowledged a slowing energy sector, but said low interest rates will help housing, construction and auto sales.

Kudlow also defended the president’s use of tariffs on goods coming from China. 

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