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Clueless: Biden Economic Adviser Says ‘Very Hard to Conclude’ If U.S. In Recession
An economic adviser for the Biden administration said that despite historically high inflation, he can’t tell whether America is in a recession.
White House economic adviser Jared Bernstein joined “Fox News Sunday” to do some damage control about the state of the U.S. economy, claiming that despite the “unacceptability” of high inflation, the labor market and revenues are still “strong.”
“It is very hard to conclude we are in a recession when you look at the payroll and the job gains that we’ve seen,” Bernstein told host Shannon Bream. “Right now you got inflation headwinds — big time in this economy, not taking anything away from that — but you also have some very strong tailwinds that are boosting consumers.”
Bernstein went to claim that low unemployment rates and continued high consumer spending are signals that the economy is actually doing fine.
“How do we get faster revenue increases in the economy that is taking the kind of hits that we have been talking about?” he asked. “It must be a much stronger economy than a lot of people are saying, and in fact that’s the case.”
“No denial at all about the unacceptability of these elevated prices,” Bernstein added, “but underlying that is an economy with the strongest labor market in a generation.”
Predictably, Bernstein also blamed the Ukraine conflict for Joe Biden’s completely wrong forecast in December 2021 that high inflation “peaked.”
„How did the White House get [inflation] so wrong?“
BIDEN ECONOMIC ADVISOR JARED BERNSTEIN: It’s not our fault. pic.twitter.com/pUXm3Pf1NF
— RNC Research (@RNCResearch) July 17, 2022
What Bernstein omitted, or perhaps failed to realize, is that high spending isn’t a result of Americans having more money, but the fact that Americans must pay much more for necessities like gas and food this year.
In addition to spending 15% more on gas and food than this time last year, one in every five Americans are now skipping meals and 50% are cutting down on meat to make ends meet.
Perhaps that’s why 56% of Americans believe the U.S. is already in a recession, according to a recent poll from The Economist and YouGov.
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