Trump’s Millionaire Economic Adviser Celebrates ‘Gales of Creative Destruction’ as Millions Lose Their Jobs and Go Hungry

Gage Skidmore / Flickr Larry Kudlow...
Gage Skidmore / Flickr

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:

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.

“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.

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.”

Thank you to all who already support our work since we could not exist without your generosity. If you have not already, please consider supporting us on Patreon to ensure we can continue bringing you the best of independent journalism.

Leave a Comment

5 Comments on "Trump’s Millionaire Economic Adviser Celebrates ‘Gales of Creative Destruction’ as Millions Lose Their Jobs and Go Hungry"

avatar
newest oldest most voted
Marie Tobias
Member

I believe Mr. Kudlow is remarking on the millions who have recently joined the ranks of self operated businesses like UBER Eats… I’m sure that warms his heart… but its still disgusting beyond words.

Newdem
Guest
Newdem

How did he make his millions? Does he have a business or product we can boycott? I would love to add him to my list. Or is he just another corrupt white male?

Mrmustang
Guest
Mrmustang

He works for trump, so I know he is a corrupt white male!✌🏻️

Chris Whitley
Member

Pretty much another corrupt white male. He’s trumps friend. Need I say more.

drjillinNH
Guest
drjillinNH

I assumed by now we would all have figured out that the only way Trump keeps anyone around him for more than a few months is if they ascribe to teaching and practices of the Machiavelli School of Business, Social, and Environmental Science.