The discussion between Fox News’ Shamnnon Bream and economist Jared Bernstein covered the state of the economy, focusing on consumer spending, unemployment rates, and real wages.
The conversation also delved into gas prices, inflation, and the impact of the invasion of Ukraine on the economy.
There have been reported cost implications following the refilling of Strategic Petroleum Reserve. (Trending: SNL Legend Unleashes On Democrats)
Bernstein defended the economy saying, “So real wages have grown, real wages, in other words, wages are beating prices now. So is disposable income, by the way.”c
“For most of that time, they have not,” clarified Bream.
“Correct,” admitted Bernstein.
“So I’m talking about the last four or five months. So that speaks to both. I think my argument and perhaps your argument — my argument is that we are moving on the right track, but we have a lot more work to do,” said the Biden advisor.
“The question needs to be, in regard to all these polls you just cited, are we moving in a direction that will reach the American people, give them more buying power, continues to see actual declines in gas prices,” suggested Bernstein.
The overall sentiment is that the economy is moving in the right direction, but there is still work to be done to benefit average Americans.
“We have to look at two nuanced points,” insisted Bernstein.
“One, are we moving in a direction that will reach the American worker, the American consumer? Are real wages rising? Yes,” answered Bernstein to his own question.
“Is the job market tight as it’s ever been? Yes,” said Bernstein.
“Is inflation down, two-thirds from its peak? Absolutely,” he continued.
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