President Biden’s economic adviser on Sunday said inflation and employment trends are moving in the right direction despite many Americans voicing disapproval of Biden’s handling of the economy.
Jared Bernstein, chair of the Council of Economic Advisers, said during an appearance on “Fox News Sunday” that he wanted to add nuance to the chorus of American voters who say they’re continuing to struggle with high prices.
“The question needs to be, in regards to all these polls you just cited, are we moving in a direction that will reach the American people, give them more buying power, continues to see actual declines in gas prices,” Berstein told host Shannon Bream.
In the latest Fox News poll asking Americans about the state of the economy, just 29% of respondents said the economy has started to turn around while 67% say the worst is yet to come.
US CONSUMER SENTIMENT DROPS AGAIN ON INFLATION FEARS
Bernstein said while consumers “are the best arbiters of their economic conditions,” a more “realistic picture” has to consider consumers’ actions.
Bernstein stated that consumer spending has been “driving the economy forward” with growth rates of over 5%, noting that Black Friday set online shopping records of between $10 billion and $16 billion in sales.
US WEEKLY JOBLESS CLAIMS FALL; LABOR MARKET STILL SLOWING
He also said the unemployment rate has been below 4% for 21 months, inflation has come down to about 3.2% from a high of 9% and real wages have been beating inflation for the past four to five months.
“We are moving on the right track, but we have a lot more work to do” Bernstein acknowledged.
Meanwhile, consumers are dealing with interest rates that remain high to combat inflation.
Read the full article here
