published : 2023-11-26
Biden Economic Adviser Points to Positive Economic Indicators Amid Dissatisfaction
Council of Economic Advisers Chair Jared Bernstein Acknowledges the Need for Further Progress
Despite widespread voter dissatisfaction with President Biden's handling of the economy, his economic adviser, Jared Bernstein, highlights encouraging signs of progress.
During an appearance on 'Fox News Sunday,' Bernstein emphasized that inflation and employment trends are moving in the right direction.
Addressing concerns about high prices, Bernstein urged a nuanced perspective and asked if the country is on a path that will benefit the American people with increased purchasing power and declining gas prices.
Although a recent Fox News poll indicates that only 29% of respondents believe the economy has started to turn around, Bernstein remains optimistic.
He acknowledges that there is more work to be done, but he stresses that the economy is heading in the right direction.
According to Bernstein, consumer spending has been a driving force behind economic growth, surpassing 5% growth rates.
He highlights record-breaking online sales on Black Friday, reaching an impressive $10 billion to $16 billion.
Furthermore, Bernstein points out that the unemployment rate has remained below 4% for the past 21 months, while inflation has decreased from a high of 9% to approximately 3.2%.
In addition, real wages have outpaced inflation for the last four to five months, providing workers with improved purchasing power.
Despite these positive developments, Bernstein acknowledges that there is still work to be done, stating, 'We are moving on the right track, but we have a lot more work to do.'
While consumers continue to face high interest rates to combat inflation, Bernstein's analysis offers hope for a brighter economic future.