Larry Kudlow

Larry Kudlow
Born	(1947-08-20) August 20, 1947 New Jersey, U.S.
Occupation(s)	Broadcast news analyst, economist, columnist, political commentator, radio host
Years active	1970–present
Known for	Director of the National Economic Council (2018–2021), financial commentator on Fox Business

Lawrence Alan Kudlow (born August 20, 1947) is an American conservative commentator known for his work as a broadcast news analyst, economist, columnist, political commentator, and radio host. He currently provides financial commentary for Fox Business and held the position of director at the National Economic Council during the Trump Administration from 2018 until 2021. Before his tenure in government, Kudlow was a financial news anchor on CNBC. By 2024, he had taken on the role of vice chair on the board of the America First Policy Institute, a nonprofit organization dedicated to formulating policies in anticipation of a potential second Trump term.

Kudlow’s professional journey started as a junior analyst at the New York Federal Reserve, after which he transitioned to Wall Street with roles at Paine Webber and Bear Stearns. In 1981, following earlier engagement with left-leaning politics, he joined the Ronald Reagan administration serving as associate director for economics and planning within the Office of Management and Budget.

After departing government service during Reagan’s second term, Kudlow resumed his career at Bear Stearns as chief economist from 1987 through 1994. He also contributed economic advice to Christine Todd Whitman’s gubernatorial campaign. Following a publicly acknowledged battle with addiction in the late 1990s, Kudlow shifted from finance to media, initially contributing economic analysis for National Review and subsequently hosting programs on CNBC.

Early life and education

Born and raised in New Jersey, Kudlow is the son of Ruth (née Grodnick) and Irving Howard Kudlow. His family is of Jewish heritage. He attended The Elisabeth Morrow School in Englewood, New Jersey until sixth grade before transferring to the Dwight-Englewood School, where he completed his secondary education.

Kudlow earned a bachelor's degree in history from the University of Rochester in Rochester, New York in 1969. Although his formal academic background in economics has been scrutinized—he holds only an undergraduate degree in history supplemented by foreign policy studies at Princeton—he maintains that his history coursework extensively covered economic topics relevant to trade policy.

In 1971, he began graduate studies at the Woodrow Wilson School of Public and International Affairs at Princeton University, but he did not complete the master's program.

Early career

Kudlow started out as an economist at the Federal Reserve Bank of New York, focusing on open market operations.

In 1970, while still affiliated with the Democratic Party, he became involved in Connecticut’s "New Politics" senatorial campaign led by Americans for Democratic Action chair Joseph Duffey. This campaign also featured future political figures such as Bill Clinton, John Podesta, and Michael Medved. Duffey was recognized as a leading anti-war advocate during the Vietnam War period. According to Duffey’s campaign manager, Kudlow was regarded as a "brilliant organizer." Later, in 1976, he participated in Senator Daniel Patrick Moynihan’s campaign against Conservative Party incumbent James L. Buckley, working alongside figures like Tim Russert.

Reagan administration

Throughout the initial term of the Reagan administration (1981–1985), Kudlow held the position of associate director for economics and planning within the Office of Management and Budget (OMB), which operates under the Executive Office of the President.

Financial services industry

In 1987, Kudlow took on the role of chief economist and senior managing director at Bear Stearns. Concurrently, he provided counsel to A. B. Laffer & Associates, a firm led by Arthur Laffer, a notable figure in supply-side economics recognized for the "Laffer Curve". Kudlow's tenure at Bear Stearns ended in the mid-1990s due to issues related to cocaine addiction.

He was a board member of Empower America, an organization focused on supply-side economic policies established in 1993, which later merged with Citizens for a Sound Economy in 2004 to create FreedomWorks. Additionally, Kudlow is among the founding members of the Board of Advisors for the Independent Institute and served as consulting chief economist for American Skandia Life Assurance, Inc., a Connecticut-based branch of insurance leader Prudential Financial.

Media

Kudlow assumed the position of Economics Editor at National Review Online (NRO) in May 2001. In December 2007, he authored an article titled Bush Boom Continues, forecasting sustained economic growth just as the Great Recession was beginning.

Beginning November 2001, he co-hosted CNBC's America Now, which was renamed Kudlow & Cramer in May 2002 following his partnership with Jim Cramer. After Cramer's exit in January 2005, the program was rebranded as Kudlow & Company. The show went on hiatus in October 2008, returned as The Kudlow Report in January 2009, and concluded on CNBC in March 2014.

Kudlow frequently appeared on Squawk Box and contributed content to CNBC.com. Starting in 2004, he co-hosted The John Batchelor Show until his appointment as an economic advisor to President Trump. In March 2006, he launched The Larry Kudlow Show, a political and economic talk radio program airing Saturdays on WABC and nationally syndicated from June 2010.

Republicans considered him a potential Senate candidate for either Connecticut or New York. Although he never formally declared candidacy, Senator Richard Blumenthal criticized him in October 2015 as "a champion of big corporations and big money." Subsequently, a 527 organization was formed in December 2015 to support Kudlow’s possible Senate bid.

Director of the National Economic Council

In March 2018, President Donald Trump appointed Kudlow to lead the National Economic Council, succeeding Gary Cohn. He officially assumed this role on April 2, 2018.

Kudlow publicly dismissed the credibility of the nonpartisan Congressional Budget Office (CBO), disputing its projection that the 2017 Tax Cuts and Jobs Act would increase the federal deficit by $1.3 trillion. He stated, "Never believe the CBO... They're always wrong, especially with regard to tax cuts." Multiple analyses confirmed that the tax legislation would indeed lead to larger deficits. In July 2018, Kudlow claimed that "the entire $1.5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP," a statement contradicted by CBO data indicating revenue declines and a $1.9 trillion deficit increase after considering economic feedback effects.

In April 2018, Kudlow erroneously asserted that United States Ambassador to the United Nations Nikki Haley had announced imminent sanctions against Russia, later issuing an apology after Haley refuted this claim.

He criticized the Obama administration’s stimulus package as being "all spending," neglecting that approximately 35% consisted of tax relief measures.

On June 29, 2018, Kudlow inaccurately claimed that the tax cut was swiftly lowering the deficit; however, data revealed significant deficit growth. He later clarified that he was referring to future deficit trends. Budget projections anticipated rising deficits due to the tax cuts unless offset by substantial spending reductions.

In June 2018, Kudlow asserted that capital investments were flowing into the U.S. from around the globe despite foreign direct investment declining markedly through August 2019.

He proclaimed the U.S. economy as "the hottest economy in the world" based on OECD figures during June 2018; however, this growth trajectory began prior to President Trump’s administration. Analysts noted that sustaining a consistent 3% growth rate was improbable; average growth during Trump's initial five quarters stood at approximately 2.4%. The Q1 2018 figure was revised downward to 2.0%, while Q2 reached an annualized rate of 4.1%.

Following President Trump's August 2018 assertion that Google manipulated search results against him, Kudlow indicated that regulators were "taking a look at" Google.

In November 2018, Kudlow claimed that increased revenues and economic growth had already allowed the tax cut to pay for itself; subsequent data demonstrated federal revenue declines alongside rising deficits during fiscal year 2018.

During the partial federal government shutdown spanning late-2018 to early-2019—which left roughly 420,000 essential workers unpaid for weeks—Kudlow described these employees as "volunteering" out of loyalty to President Trump.

In mid-2019, Kudlow forecasted that ratification of the proposed United States–Mexico–Canada Agreement would boost GDP by half a percentage point and generate approximately 180,000 jobs annually. However, assessments by the International Trade Commission projected a smaller GDP increase of about 0.35% and job creation near 176,000 over six years; other studies suggested minimal impact on employment or wages.

On February 25, 2020, amid early concerns over the coronavirus pandemic, Kudlow asserted that containment efforts were "pretty close to airtight."

During June 2020 protests sparked by George Floyd’s death addressing racism and police brutality, Kudlow expressed disbelief in systemic racism existing within the United States.

Fox Business

In February 2021, Larry Kudlow began hosting a program on Fox Business Network (FBN) after his tenure as director of the National Economic Council under President Donald Trump. His show, titled "Kudlow," is broadcast on weekdays at 4 p.m. and 7 p.m. Eastern Time, featuring discussions on economic trends, market developments, and fiscal policies alongside experts and political figures. Kudlow opted not to join Trump's second administration, choosing instead to maintain his position at Fox Business.

Economic

Identifying as a Reagan supply-sider, Kudlow champions tax reductions and deregulation, contending that lowering tax rates stimulates economic expansion and may lead to increased tax revenues. The Economist characterizes him as "the archetypal representative of the Republican Party's pro-business faction." Although he has provided extensive media commentary and served as chief economist at Bear Stearns from 1987 to 1994, he does not possess formal academic qualifications in economics.

Kudlow criticized the tax hikes implemented by Bill Clinton in 1993 for hindering economic growth, while attributing the prosperity of the late 1990s to Reagan-era tax cuts. He was a strong proponent of George W. Bush’s tax reductions, forecasting an economic surge and frequently referring to the period as a "Bush boom." During the onset of the 2007–2008 recession, he dismissed concerns by labeling it a "mental recession," even as the financial crisis unfolded.

When Bush assumed office in 2001, the U.S. had experienced four straight years of federal budget surpluses with projections indicating continued surpluses through 2010. Kudlow anticipated that Bush’s tax cuts would bolster these surpluses; however, deficits were recorded every fiscal year during Bush’s presidency.

In their 2015 publication Superforecasting, authors Philip E. Tetlock and Dan Gardner described Kudlow as a "consistently inaccurate" commentator, highlighting his history of erroneous economic forecasts.

Prior to his White House role, Kudlow advocated for free trade and co-authored an article opposing tariffs. Upon joining the administration, however, he supported President Trump’s steel and aluminum tariffs, viewing them as strategic negotiation tools. Kudlow is not recognized for prioritizing deficit reduction.

Politics

On June 26, 2002, through a National Review Online article titled "Taking Back the Market – By Force," Kudlow called for U.S. military intervention in Iraq, citing Saddam Hussein’s purported weapons of mass destruction and associating decisive action in the global war on terror with stability in financial markets. In February 2003, he expressed support for President George W. Bush’s policies aimed at economic growth and job creation.

In 2016, Kudlow backed Republican nominee Donald Trump and defended Executive Order 13767 concerning the construction of a border wall, highlighting national security threats linked to terrorism and ISIS. He also advocated for conservative solidarity during the election via an article published on RealClearPolitics.

After the 2018 G7 Summit held in Canada, Kudlow openly criticized Canadian Prime Minister Justin Trudeau for what he perceived as a betrayal during trade negotiations.

Personal life

Larry Kudlow has been married three times: initially to Nancy Ellen Gerstein in 1974; subsequently to Susan (Cullman) Sicher in 1981—who is the granddaughter of businessman Joseph Cullman; and later in 1986 to Judith "Judy" Pond, an artist from Montana.

In the mid-1990s, Kudlow departed Bear Stearns to enter a twelve-step program addressing cocaine and alcohol addictions. He later converted to Catholicism through the guidance of Father C. John McCloskey III and currently serves on the Catholic Advisory Board of Ave Maria Mutual Funds. Additionally, he has held positions on Fordham University’s Board of Trustees and served on the advisory committee for Pepperdine University’s Kemp Institute.

On June 11, 2018, Kudlow experienced a "very mild" heart attack and was admitted to Walter Reed Army Medical Center. Reports indicated he was recovering well and was discharged two days later. This health event occurred shortly before President Trump’s planned summit with North Korean leader Kim Jong-Un.

Books

• American Abundance: The New Economic & Moral Prosperity, published in 1997 by HarperCollins, ISBN 0-8281-1117-0
• Bullish On Bush: How George Bush's Ownership Society Will Make America Stronger, released in 2004 by Rowman & Littlefield, ISBN 1-56833-261-0, authored by Stephen Moore with contributions from Kudlow
• Tide: Why Tax Cuts Are the Key to Prosperity and Freedom, issued in 2005 through HarperCollins, ISBN 0-06-072345-9 (available as audio CD)
• JFK and the Reagan Revolution: A Secret History of American Prosperity, co-written by Lawrence Kudlow and Brian Domitrovic, published in 2016 by Portfolio, ISBN 1595231145

External links

• Kudlow's Money Politic$ blog
• Collection of columns at National Review Online
• Archive of columns at Creators Syndicate