Larry Kudlow becomes Trump's right-hand man on the economy
Among this turnover was the hiring and resignation of former Goldman Sachs executive Gary Cohn, who for 16 months was Trump's White House Chief Economic Advisor. Though the president has demonstrated a penchant for sticking to his own economic agenda on occasion, the position of White House Chief Economic Advisor isn't one to overlook. Whoever takes the position is responsible for providing objective economic advice to the president that could affect the formulation of domestic and international economic policies.
Following Gary Cohn's resignation, that job was offered and accepted by former CNBC commentator Larry Kudlow in mid-March. Trump and Kudlow do see eye to eye on a handful of key economic issues.
For instance, both see reducing the corporate tax rate and putting more money into the pockets of businesses as the single-biggest driver of long-term growth. The belief from both President Trump and Larry Kudlow is that businesses will use this extra capital derived from lower corporate income tax rates to hire more workers, give existing workers raises, and invest in ongoing research and product development. This, in turn, could push U.S. GDP growth to a consistent 3% per year.
But one area where the president and his top economic advisor aren't in agreement is Social Security.