Saturday Night Owls: Millionaire Kudlow extols gains from wrecked economy, ignores damage to people

edited October 17 in US Political Debate

Night Owls, a themed open thread, appears at Daily Kos seven days a week

Jake Johnson at Common Dreams writes—Trump's Millionaire Economic Adviser Celebrates 'Gales of Creative Destruction' as Millions Lose Their Jobs and Go Hungry:

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, all right, 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:

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,'" tweeted Washington 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. [...]

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BLAST FROM THE PAST

At Daily Kos on this date in 2008—CO-SEN: Schaffer on His Own Now: 

National Republicans have decided Bob Schaffer is a sinking ship, and you know what happens with the rats then.

Last week there were rumors that the NRSC was going to pull out of Schaffer's campaign for the Colorado Senate seat being vacated by Wayne Allard. That speculation is confirmed today.

Mark Udall, has been posting consistent leads in polling for the last month, probably one reason a cash-strapped NRSC has decided to retrench and defend other seats. It's not just the NRSC that have been scared off. "Independent" 527s, are also pulling out, looking to Oregon and North Carolina to try to salvage a few Republican incumbents.



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