WH Economic Adviser Refers To Working People As “Human Capital Stock”
Speaking to CNN’s “State of the Union” on Sunday, White House adviser Kevin Hassett addressed the issue of where unemployment will be when November comes.
- Hassett said, “our capital stock hasn’t been destroyed, our human capital stock is ready to get back to work...so there are lots of reasons to believe that we can get going way faster than we have in previous crises.”
Congresswoman Alexandria Ocasio-Cortez (D- NY) responded to Hassett’s interview by saying, “Human Capital Stock. An ugly term with ugly history, but for many powerful people it‘s their most honest view of workers: human stock. By their logic, the moment a person stops being useful to profit motive (retirement, health, etc) they are a liability. That’s the system we live in.”
- According to Business Insider, Hassett’s optimistic statements come “as the number of Americans who filed for unemployment benefits continues to grow. Last week, the US weekly jobless claims hit 2.4 million, bringing the nine-week total to nearly 39 million.”
- In addition, a report from the Bureau of Labor Statistics that was published on May 22nd said that 43 states reached their highest levels of unemployment in April.
- During his interview, Hassett also added that he believes the projected unemployment rate will be higher in June than May, before starting to decrease.
"I think that yes, unemployment will be something that moves back slower," Hassett said. "You're going to be starting at a number in the 20s and working your way down and so, of course, you could still not be back to full employment by September or October."
As of Monday, COVID-19 cases in the US have hit more than 1.6 million, and almost 100,000 deaths have been reported.