Trump’s economic adviser says GameStop drama shows people shouldn’t get stimulus checks

Larry Kudlow says Americans spending government checks in stock market is ‘so silly’

Donald Trump’s former economic adviser says the GameStop stock frenzy shows people should not get stimulus checks.

Mr Kudlow told Fox News that Americans spending stimulus money in the stock market was “so silly” and “not good.”

The former White House adviser, who is now a paid Fox News analyst, said that he was only willing to support some forms of stimulus.

“I’m OK with strictly targeted funding, particularly for health vaccinations and school openings,” said Mr Kudlow.

“I’m not OK with spending stimulus checks, sending out and spending stimulus checks on one penny or two penny stocks, which is what’s been happening with this incredible story of GameStop and some of these penny stocks. That’s so silly.

“Giving out stimulus checks so people can buy penny stocks, not fine,” Kudlow added.

“Not good.”

Mr Kudlow also hit out at Democrats for trying to raise the minimum wage in Joe Biden’s Covid-19 relief plan.

"You know who that's going to hurt the most? That's going to hurt African-Americans, that's going to hurt Hispanics, other minority groups," said Mr Kudlow.

"It's going to hurt the poorest part of the workforce."

And he insisted that the Trump administration had left the economy in good shape.

"The economy is very strong. And I read about this economic crisis. I don't believe it. And I can prove to you that it's not there,” he added.

Mr Kudlow was an on-air personality for CNBC before Mr Trump hired him in 2018 as assistant to the president for economic policy and director of the National Economic Council.