Former Trump official reacts to massive decline in New York manufacturing

Fox Business host Larry Kudlow reacted to the decline in general business conditions in New York, saying the state had “collapsed.”

The Empire State Manufacturing Survey conducted January 3-10 shown a 29-point drop indicating a contraction in overall business conditions, reaching the lowest level since the 2020 COVID pandemic. Survey respondents felt more optimistic about the future, but the optimism was still very low at 18.8. Kudlow discussed the poll results with former Republican presidential candidate Steve Forbes while discussing a deal in Congress achieved in a $600 billion tax package.

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“The New York state, Empire State manufacturing survey that came out yesterday, absolutely collapsed, collapsed, minus 43 something, never seen anything this bad in the whole series history, and manufacturing and industrial production in general have been down for 12 or 12 years. 14 or 15 months, so those things can help,” Kudlow, a former Trump administration official, said of the tax package, which includes increases in the child tax credit, expansion of research and development deductions, authorizing the president to negotiate a tax. agreement with Taiwan and increase the reporting threshold for independent contractors from $600 to $1,000, after which the threshold will be indexed to inflation.

“[The tax package] would help, and it also guarantees, it doesn't guarantee, but it helps in the future when you're making a long-term investment that the Democrats, if they come back, won't throw it under the rug,” Forbes said of the tax package. this That's something that gives a bit of confidence that you won't be left out in the cold after November if the results aren't good.”

Biden currently has a 37.2% approval rating on the economy compared to a 58% disapproval rating. seconds in the RealClearPolitics polling average from Nov. 29 to Jan. 9.

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