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Kudlow Hails Mass Unemployment As ‘Gales Of Creative Destruction’

Larry Kudlow, Donald Trump's top economic adviser, celebrated the tens of millions of job losses fueled by Trump's failure to contain the coronavirus, calling mass unemployment a "great part of American capitalism."

Kudlow made the comments in an interview with Fox Business host Stuart Varney on Friday morning.

"I saw something else today, one of the smart Wall Street people are talking about it. And it's an odd thing because the talk is that a lot of folks who became unemployed, all right, most regrettably but they're sticking with it and starting new businesses. They're going to be small businesses. But that's the great part of American capitalism, gales of creative destruction. I just love that new business start-up story," Kudlow said.

Kudlow did not name the "smart Wall Street" person who made this point to him, but that person appears to have their facts wrong.

Months into the pandemic, more than 12 million people remain unemployed, with eight million falling into poverty, thanks to the virus's impact on the economy and the GOP refusal to extend jobless aid.

The job losses have hit the poorest workers the hardest, with nearly 40 percent of people earning less than $40,000 a year losing their jobs at the peak of the coronavirus economic downturn, according to data from the Federal Reserve Bank.

Those are the kind of workers that don't have enough money to put food on the table, let alone the savings to start up a business as Kudlow suggests.

Kudlow's tone-deaf comment comes as permanent layoffs increase and the recovery is stalling.

The poor economy further imperils Trump's already flailing reelection bid.

Published with permission of The American Independent Foundation.

Kudlow Says Voting Rights ‘Is Not Our Game’

Donald Trump's top economic adviser said Thursday that the White House and Democrats had not yet reached a coronavirus relief deal because Democrats want "voting rights" protections and aid for immigrants included in the package, and "that's not our game."

National Economic Council director Larry Kudlow made the admission in a CNBC interview, claiming Trump had issued several executive actions over the weekend purportedly because Americans needed help immediately and couldn't wait for a deal to be struck.

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Kudlow Floats Capital Gains ‘Tax Holiday’ For Rich As ‘Stimulus’

Donald Trump's top economic adviser said the administration is considering pushing for a "capital gains holiday" in a new round of coronavirus aid.

"There may be a capital gains holiday," Larry Kudlow, director of the U.S. National Economic Council, told Fox Business on Monday.

Cuts to capital gains disproportionately affect extremely wealthy individuals. In 2018, 69 percent of all reported capital gains went to the one percent of households with incomes above $750,000. Capital gains are already taxed at a much lower rate than regular income.

From the July 13 edition of Fox Business' Varney & Co.:

STUART VARNEY, Fox Business: Can you be specific and tell us what we're likely to see?
LARRY KUDLOW: Well, I don't know that I can be totally specific. We're looking at a lot of things, it's pre-decisional. Formal talks haven't really begun.
But look, certain things the president has said — for example, he wants a payroll tax holiday, that would give about a 6.5% increase to after-tax wages for people either going back to work or have been working all the time.
We'd like to see some unemployment reforms. We like return to work type bonuses of a modest nature. We don't want to give people disincentives not to work.
There may be extensions to PPP, that's to be decided. There may be some targeted, directed assistance from direct-mailed checks to individuals and families — that hasn't been decided yet.
There may be a capital gains holiday, there are a number of items that we've talked about publicly and the president has mentioned. So at the moment. that's kind of the grab bag.




Published with permission of The American Independent Foundation

Beware: Kudlow Predicts ‘No Second Wave’ Of Coronavirus

Donald Trump's top economic adviser claimed Monday that there would be no "second wave" of coronavirus cases. A day earlier, another Trump official had said the administration was hard at work preparing for that exact scenario.

Asked about the growing number of COVID-19 cases in the United States, National Economic Council Director Larry Kudlow told CNBC on Monday that everything was under control.

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