SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Larry Kudlow, director of the National Economic Council, speaks to reporters outside the West Wing of the White House on May 15, 2020 in Washington, D.C. (Photo: Drew Angerer/Getty Images)
Trump's Millionaire Economic Adviser Celebrates 'Gales of Creative Destruction' as Millions Lose Their Jobs and Go Hungry
"Wonder how the 14% of households with kids who reported that they didn't get enough food to eat in the last seven days feel about the 'gales of creative destruction.'"
Oct 16, 2020
With millions of Americans out of work, struggling to afford food for themselves and their children, and facing the possibility of losing their homes, President Donald Trump's top economic adviser on Friday celebrated what he described as the "gales of creative destruction" supposedly unleashed by the U.S. economic system in the midst of the pandemic-induced recession.
"The talk is that a lot of folks who became unemployed, alright, most regrettably--but, they're sticking with it and they're going out and starting new businesses," Larry Kudlow, director of the National Economic Council, said in an appearance on Fox Business. "They're going to be small businesses."
"But that's the great part of American capitalism, gales of creative destruction," Kudlow continued, deploying a phrase popularized in the 1940s by economist Joseph Schumpeter. "I just love that new business start-up story."
Watch:
\u201cWH Economic Adviser Larry Kudlow: \u201cA lot of folks who became unemployed ... they\u2019re going out and starting new businesses \u2026 That\u2019s the great part of American capitalism.\u201d— The Recount (@The Recount) 1602865014
Critics immediately noted that the millions of people across the U.S. who are teetering on the brink of complete financial ruin are likely not impressed by the so-called "creative destruction" praised by Kudlow, who in June complained that the $600-per-week federal unemployment insurance boost many jobless workers were receiving at the time was excessive.
"Wonder how the 14% of households with kids who reported that they didn't get enough food to eat in the last seven days or the 32% of adults who are having trouble paying for usual household expenses feel about the 'gales of creative destruction,'" tweetedWashington Post reporter Jacqueline Alemany, pointing to data from the Center on Budget and Policy Priorities.
Kudlow's comments came a day after the Labor Department reported that an additional 1.3 million Americans filed for unemployment benefits, yet another indication that the strong economic recovery Kudlow has repeatedly predicted in recent weeks is not materializing.
"As American capitalism becomes even crueler, the rhetoric of its apologists will only grow more explicit," Jacobin's Luke Savage tweeted in response to Kudlow's remarks.
\u201cThousands of small businesses have closed, many permanently so. Not because there had been anything fundamentally broken with their business models -- because the government has so badly screwed up the covid response that it remains broadly unsafe to operate\u201d— Catherine Rampell (@Catherine Rampell) 1602863361
On top of being cold comfort for Americans struggling to get by as the prospect of another federal relief package before the November election remains uncertain, Kudlow's rosy insistence that the economic turmoil caused by the Covid-19 pandemic spurred a major new wave of entrepreneurship was also likely factually dubious.
"Self-employment is absolutely helping us to adapt to the pandemic," Adam Ozimek, chief economist at freelancing platform Upwork, told the Post's Jeff Stein. "But it's really nowhere near enough to make up for the massive shortfall in overall employment that we still have. Not even close."
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
With millions of Americans out of work, struggling to afford food for themselves and their children, and facing the possibility of losing their homes, President Donald Trump's top economic adviser on Friday celebrated what he described as the "gales of creative destruction" supposedly unleashed by the U.S. economic system in the midst of the pandemic-induced recession.
"The talk is that a lot of folks who became unemployed, alright, most regrettably--but, they're sticking with it and they're going out and starting new businesses," Larry Kudlow, director of the National Economic Council, said in an appearance on Fox Business. "They're going to be small businesses."
"But that's the great part of American capitalism, gales of creative destruction," Kudlow continued, deploying a phrase popularized in the 1940s by economist Joseph Schumpeter. "I just love that new business start-up story."
Watch:
\u201cWH Economic Adviser Larry Kudlow: \u201cA lot of folks who became unemployed ... they\u2019re going out and starting new businesses \u2026 That\u2019s the great part of American capitalism.\u201d— The Recount (@The Recount) 1602865014
Critics immediately noted that the millions of people across the U.S. who are teetering on the brink of complete financial ruin are likely not impressed by the so-called "creative destruction" praised by Kudlow, who in June complained that the $600-per-week federal unemployment insurance boost many jobless workers were receiving at the time was excessive.
"Wonder how the 14% of households with kids who reported that they didn't get enough food to eat in the last seven days or the 32% of adults who are having trouble paying for usual household expenses feel about the 'gales of creative destruction,'" tweetedWashington Post reporter Jacqueline Alemany, pointing to data from the Center on Budget and Policy Priorities.
Kudlow's comments came a day after the Labor Department reported that an additional 1.3 million Americans filed for unemployment benefits, yet another indication that the strong economic recovery Kudlow has repeatedly predicted in recent weeks is not materializing.
"As American capitalism becomes even crueler, the rhetoric of its apologists will only grow more explicit," Jacobin's Luke Savage tweeted in response to Kudlow's remarks.
\u201cThousands of small businesses have closed, many permanently so. Not because there had been anything fundamentally broken with their business models -- because the government has so badly screwed up the covid response that it remains broadly unsafe to operate\u201d— Catherine Rampell (@Catherine Rampell) 1602863361
On top of being cold comfort for Americans struggling to get by as the prospect of another federal relief package before the November election remains uncertain, Kudlow's rosy insistence that the economic turmoil caused by the Covid-19 pandemic spurred a major new wave of entrepreneurship was also likely factually dubious.
"Self-employment is absolutely helping us to adapt to the pandemic," Adam Ozimek, chief economist at freelancing platform Upwork, told the Post's Jeff Stein. "But it's really nowhere near enough to make up for the massive shortfall in overall employment that we still have. Not even close."
With millions of Americans out of work, struggling to afford food for themselves and their children, and facing the possibility of losing their homes, President Donald Trump's top economic adviser on Friday celebrated what he described as the "gales of creative destruction" supposedly unleashed by the U.S. economic system in the midst of the pandemic-induced recession.
"The talk is that a lot of folks who became unemployed, alright, most regrettably--but, they're sticking with it and they're going out and starting new businesses," Larry Kudlow, director of the National Economic Council, said in an appearance on Fox Business. "They're going to be small businesses."
"But that's the great part of American capitalism, gales of creative destruction," Kudlow continued, deploying a phrase popularized in the 1940s by economist Joseph Schumpeter. "I just love that new business start-up story."
Watch:
\u201cWH Economic Adviser Larry Kudlow: \u201cA lot of folks who became unemployed ... they\u2019re going out and starting new businesses \u2026 That\u2019s the great part of American capitalism.\u201d— The Recount (@The Recount) 1602865014
Critics immediately noted that the millions of people across the U.S. who are teetering on the brink of complete financial ruin are likely not impressed by the so-called "creative destruction" praised by Kudlow, who in June complained that the $600-per-week federal unemployment insurance boost many jobless workers were receiving at the time was excessive.
"Wonder how the 14% of households with kids who reported that they didn't get enough food to eat in the last seven days or the 32% of adults who are having trouble paying for usual household expenses feel about the 'gales of creative destruction,'" tweetedWashington Post reporter Jacqueline Alemany, pointing to data from the Center on Budget and Policy Priorities.
Kudlow's comments came a day after the Labor Department reported that an additional 1.3 million Americans filed for unemployment benefits, yet another indication that the strong economic recovery Kudlow has repeatedly predicted in recent weeks is not materializing.
"As American capitalism becomes even crueler, the rhetoric of its apologists will only grow more explicit," Jacobin's Luke Savage tweeted in response to Kudlow's remarks.
\u201cThousands of small businesses have closed, many permanently so. Not because there had been anything fundamentally broken with their business models -- because the government has so badly screwed up the covid response that it remains broadly unsafe to operate\u201d— Catherine Rampell (@Catherine Rampell) 1602863361
On top of being cold comfort for Americans struggling to get by as the prospect of another federal relief package before the November election remains uncertain, Kudlow's rosy insistence that the economic turmoil caused by the Covid-19 pandemic spurred a major new wave of entrepreneurship was also likely factually dubious.
"Self-employment is absolutely helping us to adapt to the pandemic," Adam Ozimek, chief economist at freelancing platform Upwork, told the Post's Jeff Stein. "But it's really nowhere near enough to make up for the massive shortfall in overall employment that we still have. Not even close."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.