Fox Business host Larry Kudlow reacted to New York’s plunge in general business conditions, saying that the state had “collapsed.”
The Empire State Manufacturing Survey conducted from Jan. 3 to Jan. 10 showed a 29-point drop indicating a contraction in general business conditions, reaching the lowest level since the 2020 COVID pandemic. Respondents to the survey felt more optimistic about the future, but optimism was still very low at 18.8.. Kudlow discussed the findings of the survey with former Republican presidential candidate Steve Forbes while talking about a deal Congress reached on a $600 billion tax package.
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“The Empire State, New York State Manufacturing Survey just published yesterday, absolutely collapsed, collapsed, minus 43 something, never seen anything that bad in the whole history of the series, and overall manufacturing and industrial production has been in a slump for 12 or 14 or 15 months, so this stuff might help,” Kudlow, a former Trump administration official, said about the tax package, which includes increases in the child tax credit, extension of deductions for research and development, authorizing the President to negotiate a tax agreement with Taiwan and increasing the reporting threshold for independent contractors from $600 to $1000, after which the threshold will be indexed to inflation.
“[The tax package] would help, and it also guarantees, not guarantees, but helps in the future when you make a long-term investment that the Democrats, if they come back in, aren’t going to pull the rug,” Forbes said of the tax package. “They have signed on to this. So that is something that gives a little bit of confidence that you’re not going to be left out in the cold after November if the results are not good.”
Biden currently has a 37.2% approval rating on the economy compared to a 58% disapproval rate, according to the RealClearPolitics average of polls from Nov. 29 to Jan. 9.
Harold Hutchison on January 16, 2024
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