On Monday's broadcast of CNBC's 'Squawk Box,' White House Council of Economic Advisers Chair Jared Bernstein acknowledged that it's 'fair' to point out | Clips
On Monday’s broadcast of CNBC’s “Squawk Box,” White House Council of Economic Advisers Chair Jared Bernstein acknowledged that it’s “fair” to point out that prices are still elevated and things are still expensive even though the rate of inflation is going down, but said that questions about inflation hurting President Joe Biden’s job approval numbers are “stale” because “the approval rating…invokes a level of political tribalism that has a lot to do with things other than how the economy is...
Co-host Joe Kernen referenced President Joe Biden’s low approval numbers on the economy and said only 36% approve of the President’s handling of the economy. He added, “I’ll tell you what I think it is, Jared. Inflation is — the rate of change is coming down, but stuff that people bought two or three years ago, because of the initial increases, things are still expensive. They might be going up less, and wage growth only recently has started keeping pace with that.
Bernstein responded, “I am going to agree with you on this angle of when you get down and you drill down to what we’re actually doing, as opposed to these kind of more abstract 40,000-feet-up questions, 70% — 76% of people support the infrastructure law, the bipartisan infrastructure law, and that’s obviously to repair highways that they drive on, broadband Internet that they use, clean water that they drink. 72% support the CHIPS Act.
Later, co-host Scott Wapner asked, “It’s pretty telling, as we talk about GDP and the GDP now from the Atlanta Fed at 5.8, which was stunning, obviously, to everybody, any president who had numbers like that, a 5.8 GDP, wages where they are, unemployment rates low, consumers are strong, they’re keeping the train on the track, and going at a pretty good clip, and yet, the polling numbers, as we talked at the outset, are just 36%.
Bernstein answered, “Look, I hear where you’re coming from, and I get this question all the time, but I feel like that line of questioning is starting to get a little bit stale, and the reason I say that…is you’ve got to get into some of the guts of what these polls are telling us. Now, I understand the approval rating, and I think that that invokes a level of political tribalism that has a lot to do with things other than how the economy is doing.
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