Larry Kudlow denies economic crisis: 'I’m not OK sending stimulus checks' for people to 'buy penny stocks'

Former White House economic adviser Larry Kudlow on Monday suggested that Americans do not need COVID-19 relief payments because they will use them to buy stocks.

Kudlow made the remarks in his first interview on Fox News since becoming one of the network's employees.

The former economic adviser lashed out at Democrats for attempting to raise the national minimum wage in the next COVID-19 relief bill, which he insisted has "nothing to do" with the pandemic.

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

Kudlow went on to claim that the U.S. is not facing an economic crisis.

"We are still in a V-shaped recovery," he insisted. "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."

Fox News host Dana Perino pointed out that economic hardships are "acute for some people."

But Kudlow worried that so-called stimulus checks would be used to buy "penny stocks," a reference to the recent purchase of GameStop stocks by small investors.

"I'm OK with strictly targeted funding, particularly for health vaccinations and school openings," he opined. "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."

Watch the video below from Fox News.