FOX Business host Larry Kudlow responded to the sharp decline in the state's overall economy, saying New York state is “collapsed.”

The Empire State Manufacturing Survey, conducted from Jan. 3 to Jan. 10, showed a 29-point decline indicating a contraction in general business conditions, the lowest level since the 2020 COVID-19 pandemic. Reached. Although survey respondents feel more optimistic about the future, optimism remains very low at 18.8. Kudlow discussed the findings with former Republican presidential candidate Steve Forbes while talking about the $600 billion tax deal Congress reached. (Related: 'Biden is not running this government': Steve Forbes says 'regulators' and 'far left' have taken over)

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“The New York Empire State Manufacturing Survey that just came out yesterday was a total collapse, collapse, about -43, which is the worst we've ever seen in the history of this series, and the overall manufacturing and industrial Production has been depressed for 12 years,” Kudlow, a former Trump administration official, said of the tax plan, which includes increasing the child tax credit, extending the research and development credit and giving the president more power to negotiate taxes. The agreement with Taiwan increases the independent contractor reporting threshold from $600 to $1,000, with subsequent thresholds indexed to inflation.

“[The tax package] “It will help, and it's not a guarantee, but it will help us in the future when we make long-term investments and not have a huge liability if the Democrats come back,” Forbes said of the tax system. . “They signed this. So it gives them a little bit of confidence that even if they don't do well, they won't be left out in the cold after November.”

Biden's approval rating for the economy is currently 37.2%, while his disapproval rating is 58%. according to The difference from the average of RealClearPolitics polls from Nov. 29 to Jan. 9.

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