Kudlow's Economy: Larry The Liar?

First up,  a August 18th NBC Meet The Press interview with POTUS 45's appointed Chief Economic Advisor, Director of the US National Economic committee, Larry Kudlow. 

Please do watch the entire interview to see a rehash of Larry's infamous 2007 "no recession coming" prediction, and pay very close attention to his comments during the first 90 seconds...


Now we shall just focus on the chain of Larry's 90 seconds of economic untruths below...

I sure don't see a recession... pernicious and readily apparent in shares of GDP for: Gross Domestic Private Investment (GDPI) fixed non residential plus personal consumption expenditures (PCE).

Long term since Q1 1982, 107 quarters (73%) DOWN trending vs 40 quarters (27%) UP trending.
Near term since Q1 2000,  8 quarters (10%) UP trending vs 69 quarters (90%) DOWN trending. - Q1 GDP Surge?

Consumers are working... econometric falsity or sleight of hand making 19M disappear from the numerator = record low unemployment.

If 3.7% were true we would see real wage inflation, and as witnessed below we do not and have not for quite some time, as in decades.

At higher wages... 40 years since 1979: real median weekly earnings have increased at total of 6.1%, which is a 2/10ths of 1% ANNUAL INCREASE.

Confirming at higher wages... 20 years since 1999 real median household income has increased a TOTAL of 1.2%

Spending at a rapid pace... YOY ROC Real PCE spending declining since Jan 2015, below Jan 2007 level.

Their actually saving also... in major decline since 1975, in decline since 2012, personal saving as a % of real disposable income.  To recap Larry's prognosis...

“I sure don’t see a recession... consumers are working... at higher wages... they are spending at a rapid pace... they’re actually saving, that’s an ideal situation.” - Larry Kudlow

Fletcher Reede much?  An ideal situation for Larry?