Chair of the Council of Economics Advisers Jared Bernstein brushed off recent low economy approval ratings, saying it will take a while for Americans’ sentiments to “catch up.”
Bernstein said in a Sunday interview with Shannon Bream on Fox News Sunday that “Bidenomics,” President Joe Biden’s economic agenda, is helping families achieve “good economic health.” The chief adviser tried to brush off concerns when shown a Monmouth University poll from May that recorded 48% of registered voters say Biden’s economic policies are hurting their families.
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“They’re the best arbiter of how they are doing. But I think we also have to understand what American households have gone through over the last couple of years,” Bernstein said, citing the COVID-19 pandemic, war in Ukraine, and global inflation.
“All of these weigh on consumer confidence and sentiment and, at the same time, this president kept his head down and tried to make sure that families and businesses got to the other side of the crisis intact and in good economic health, and that’s exactly what happened,” Berstein continued.
The chief economics adviser touted several outcomes from the Biden administration’s economic policies, praising the below 4% unemployment rate and wages growing faster than inflation, the latter of which Bernstein called a “welcome change.”
However, Berstein agreed that it would take time for Americans’ ideas about the economy, given that most months have been plagued with high inflation, gas prices, and consumer product prices.
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“It is relatively new,” Bernstein said. “It takes a while for people’s sentiment to catch up to those new trends, especially given everything they’ve been through. But we have every reason to believe those trends will continue to persist, and we’ve even seen prices come down for gas, for food, for eggs, for beef and chicken.”
“We are moving in the right direction, and I think that’s the key thing,” Bernstein said.
