Kevin Hassett: Human Capital Stock
on Thursday, May 28, 2020Senior White House Economic Adviser Kevin Hassett Money Quote saying that our people are viewed as ‘Capital Stock’ as though they are cattle or other assets. Senior White House Economic Adviser Kevin Hassett said:
“Our capital stock hasn’t been destroyed, our human capital stock is ready to get back to work, and so there are lots of reasons to believe that we can get going way faster than we have in previous crises” — Kevin Hassett
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In this quote, Kevin Hassett seems to be expressing optimism about the potential speed of the U.S. economic recovery from the COVID-19 pandemic. By stating that “our capital stock hasn’t been destroyed” and “our human capital stock is ready to get back to work”, Hassett implies that unlike past downturns, the underlying infrastructure of the American economy remains intact despite temporary shutdowns, and workers are prepared to rapidly resume productivity.
His additional comment that “there are lots of reasons to believe that we can get going way faster than we have in previous crises” conveys Hassett’s perspective that a sharp rebound is possible because the foundations of the economy were not permanently impaired, only temporarily suspended.
Overall, the quote portrays Hassett’s view that a strong and swift bounce-back is plausible given that the pandemic caused a pause rather than systemic damage, leaving the U.S. well-positioned for reinvigorated growth as public health improves.