Larry Kudlow says high prices and affordability are “a made up issue”
Kudlow: Discussions of high prices are “an attack on the Trump boom”
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From the November 12, 2025, edition of Fox News' America Reports
SANDRA SMITH (HOST): What does that mean for the economy?
LARRY KUDLOW (GUEST): It's fabulous, okay? 135 million some-odd people in the market through brokerage accounts, 401(k)s, IRAs, even union pension funds. Notice, by the way, the Democratic unions who are against the shutdown, okay, how's that? That's the guts of the Democratic Party.
SMITH: So what's the market cheering on right now?
KUDLOW: So, the market is telling you that there is an economic boom brewing. Profits are soaring.
SMITH: But that's not the messaging right now. The messaging that you're hearing in the mainstream media is that Trump said -- he'd bring prices down and prices are not down across the board. To those critics you say what?
KUDLOW: Prices aren't doing bad. I mean, listen, did we forget prices went up 20% under Biden? And real wages declined by about four or five thousand dollars under Biden, okay? That was Biden economy, okay. Trump's been in office, what, nine months? 10 months now? So, take a look. The stock market is booming, the inflation rate under Trump is 2.5 percent annually on the CPI, okay?
SMITH: Which is half what it was under Biden.
KUDLOW: Biden -- yes. Biden's was averaging about 5.5, that's true. And we hit nine percent. No such thing is happening. Gasoline prices, I mean, Trump was right about this. There's a two handle on over half the country. I'm not saying $2 a gallon, but $2.50, $2.75. Take a look at the AAA map, put your cursor on it, and you'll see exactly how many states are experiencing $2 plus gasoline, not even $3 anymore.
SMITH: Okay.
KUDLOW: This is -- look, all this is an attack on the Trump boom. The stock market is telling you that there is a boom going on, okay? And this -- people ignore the stock market in politics, I understand that. But, the reality is all these people, their 401(k)s are exploding upward and creating a lot of wealth.
...
SMITH: When we had a stock market roaring to record highs and headlines were that there's, you know, a bust happening and that the bubble's going to burst. So, to those folks, you say what?
KUDLOW: I don't -- I don't talk to those folks.
SMITH: It's the prices.
KUDLOW: I think that is a made up issue. Again, it's an attack on Trump's economic success that he's had in just a few months.