White House Council of Economic Advisers Chair Jared Bernstein claimed consumer behavior trumps polls when it comes to Americans’ economic outlook.
Bernstein appeared on Fox News Sunday to address polls that reflected the discouragement felt by American consumers. Among them was the Wall Street Journal and and University of Chicago poll that found just 36% still believe in the American dream, which was half the amount of respondents who agreed last year.
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“So, look, I think the question needs to be not are those polls right or wrong. People are telling us how they feel,” Bernstein said. “We’ve got more work to do for it to reach average Americans who, by the way, are telling us through their consumer behavior that they’re feeling pretty good about their own financial conditions.”
The adviser went on to claim that the administration is “moving in the right direction” because real wages are rising and inflation has decreased two-thirds from its peak.
“We’re seeing shoots of improvement in those areas. Real wages are now growing and they’ve been growing not just for a week or two, but for four or 5 or 6 months,” Bernstein went on. “We are seeing, yes, higher interest rates, but also people’s pay, people’s disposable income has been rising. So, their debt service payments — what they’re paying to service their lending — is actually quite low.”
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As chair, Bernstein joined as a former social worker. The council includes Northwestern University Professor C. Kirabo Jackson and former chief economist for then-Secretary of State Hillary Clinton, Heather Boushey.
The CEA “analyze and interpret economic developments and formulate and recommend economic policies that advance the interests of the American people,” according to the White House website. Their terms are determined by the president that nominates them.
