Council of Economic Advisers Chair Jared Bernstein tells ‘FOX News Sunday’ that ‘real wages’ are rising and the job market is ‘as tight as it’s ever been.’
President Biden’s economic adviser, Jared Bernstein, expressed optimism about the direction of inflation and employment trends despite widespread disapproval of Biden’s handling of the economy.
Bernstein, chair of the Council of Economic Advisers, emphasized the need for a nuanced perspective on Americans’ struggle with high prices during an appearance on “Fox News Sunday.”
“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,” Bernstein told host Shannon Bream.
In the latest Fox News poll, 29% of respondents said the economy has begun to turn around, while 67% feel the worst is yet to come.
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Chair of the Council of Economic Advisers Jared Bernstein says the economy is on the right track, though there is still more work to be done. (Celal Gunes/Anadolu Agency via / Getty Images)
Bernstein highlighted the importance of considering consumers’ actions in painting a realistic picture of the economy.
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Bernstein stated that consumer spending has been “driving the economy forward,” with growth rates of over 5%. He also noted record-setting online shopping sales during Black Friday.
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He also indicated positive trends, stating that 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.
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“We are moving on the right track, but we have a lot more work to do,” Bernstein acknowledged.
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Meanwhile, consumers are dealing with interest rates that remain high to combat inflation.
