White House economic adviser Larry Kudlow said Sunday there’s “a glimmer of hope” inside the brutal job loss numbers sparked by the coronavirus crisis.
In an interview on ABC News’ “This Week,” Kudlow said he wouldn’t “sugarcoat” the massive U.S. job losses, which the Labor Department reported totaled 20.5 million in April. Unemployment stands at 14.7%.
“As bad as those job numbers, I don’t want to sugarcoat it… inside the numbers there’s a glimmer of hope,” he said, noting that there are indications of 80% of those losses were “furloughs and temporary layoffs.”
That, he said, would “suggest the cord between the worker and business is still intact.”
Kudlow also said talks with the House about further steps to shore up workers and the economy are “informal for now.”
“I think many people would like to pause for just a moment and take a look at the impact of this massive assistance,” he said, adding “there’s no formal negotiations yet… we’re collecting ideas for next steps… it’s not that we’re not talking, it’s just informal at this stage.”
Kudlow insisted that in reopening the nation’s economy there isn’t an either/or choice for safety.
“Businesses are probably going to be leading this charge as we attempt to reopen this economy,” he said, adding: “Between public and private health system we can do this… safety is absolutely crucial but it’s not either or.”
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