Is it “Russia, Russia, Russia” — on the economy?

It’s probably not a big surprise that the liberal-left mainstream legacy press is doing everything it can to paint a negative picture of President Trump’s economic policies.

Now, we’ve become accustomed to the political press going after Mr. Trump for years, with phony accusations and mistaken conclusions.

Now the fake news has spread to the economic and business press. And that’s really a pity.

Reputable economists and economic journalists are ganging up on Mr. Trump, using tariffs as a stick to beat him over the head.

It’s like the ‘Russia, Russia, Russia’ narrative has now come to economic coverage. And, remember, ‘Russia Russia Russia’ actually turned out to be one big hoax.

Well, now it’s “recession, recession, recession” — yet another hoax. 

Tariffs are going to cause a recession. Tariffs are going to cause inflation. Tariffs are driving down the stock market.

“Russia, Russia, Russia” — that’s what I’m reading.

People need a filter to get through all this craziness.

First of all, there’s no recession.

In fact, Breitbart’s John Carney points out that the labor market is actually stronger than economists thought, and factory jobs are coming back. 

The January Job Openings and Labor Turnover Survey shows 30,000 new manufacturing job openings, and 30,000 new manufacturing hiring. 

The quits rate has gone up. The S&P global manufacturing PMI has hit its best level since June of 2022. The February employment report was solid.

Some usually reputable economists were predicting a bulging February Consumer Price Index report because of tariffs. But the tariffs haven’t really kicked in yet. And the report itself was lighter than expected, with the lowest number in several months.

And corporate profits — the mother’s milk of stocks and the lifeblood of the economy — are still rising.

Bond yields and mortgage rates are actually falling. So are oil prices.

The former Treasury Secretary, Steven Mnuchin, said that “people are overreacting to Trump policies” and he does not see signs of an imminent slowdown in the American economy.

Let me quote my old friend. “I don’t think we’re going to have a recession. I don’t think the outlook looks like we’re going to have a recession,” he told another network.

I think he’s absolutely right.

Short-term stock corrections come and go. Yet Trump policies are profoundly pro-growth.

He aims to reprivatize the economy — with tax cuts, deregulation, energy production, and a reciprocal trade policy.

Plus, a package of rescissions from Elon Musk’s DOGE savings will significantly reduce federal spending, which in and of itself is profoundly counter-inflationary.

When those policies are fully in place, there’s a strong potential for 3 percent growth or better, alongside reduced inflation.

And, regarding tariffs, let’s step back and see how this story turns out in the next six to twelve months.

It could well be that Mr. Trump, The Great Negotiator, will wind up with far more tariff reductions than increases.

And, anyway, his business and personal tax cuts are, frankly, far more important to our economic future.

From Mr. Kudlow’s broadcast on Fox Business Network.