The Chair of the Council of Economic Advisers, Jared Bernstein, appeared on ‘FOX News Sunday’ to discuss the current state of the economy. Despite many Americans expressing concerns about inflation and employment trends, Bernstein asserted that the economy is moving in the right direction.
During his interview, Bernstein addressed the sentiments of American voters, stating that the key question is whether the economy is improving and providing people with more purchasing power. He also pointed out that consumer spending has been driving the economy forward, with growth rates of over 5%. Additionally, he highlighted that the unemployment rate has been below 4% for 21 months, inflation has decreased to about 3.2%, and real wages have been outpacing inflation for the past several months.
While Bernstein acknowledged that there is still more work to be done, he emphasized that the economy is on the right track. The Biden administration’s economic adviser also mentioned the record-breaking online sales on Black Friday, which ranged from $10 billion to $16 billion.
Despite these positive indicators, a recent Fox News poll showed that just 29% of respondents believe the economy has started to improve, while 67% believe the worst is yet to come. However, Bernstein stressed that consumers’ actions provide a more “realistic picture” of the economy’s state.
As the economy continues to face challenges such as high inflation and interest rates, Bernstein remains optimistic about the progress being made. He emphasized the need for more work while acknowledging that the economy is moving in the right direction.