Biden adviser brags about economy, admits there's 'more to do' | Northwest and National News

As President Joe Biden enters the final year of his first term as president, top economic adviser Jared Bernstein said Biden deserves credit for keeping the U.S. economy on track after the pandemic. Bernstein, now chairman of the Council of Economic Advisers, shared his thoughts on the U.S. economy during the premiere of Scripps News' afternoon show “Main and Wall.” His optimism contrasts with polls in which more than two in three Americans said in December that the U.S. economic situation was worsening, according to Gallup. While inflation is one of the main reasons many Americans are concerned about the economy, the U.S. job market ended 2023 on a positive note, with 216,000 new jobs added to the economy in December, the Bureau of Labor Statistics said. The unemployment rate remained low and stable throughout the year. The unemployment rate was 3.7% in December, marking the best year-end unemployment rate since 1969. READ MORE: IMF: About 40% of jobs worldwide could be destroyed by AI. The unemployment rate remained below 4% for 23 consecutive months, the longest of its kind. Unemployment lasted from October 1967 to December 1969. Bernstein said the numbers reflect Biden's preference for keeping unemployment low. “The economic adviser who goes to meet with President Biden says, 'Sir, we have to solve this problem by hurting people in the workforce. This has to come from the wallets of the middle class families you grew up with.' “This is not the way he thinks the economy should move forward,” Bernstein said. “He believes that if we have a tight labor market with low unemployment, which we have kept below 4% for 23 months in a row, for almost two years, we should be able to sustain this recovery, and we the “We can mitigate inflationary pressures.” And that’s exactly what happened. In December, 8.5 million Americans worked multiple jobs, an increase of about 500,000 workers. Bernstein attributed these numbers to the normalization of the economy following the COVID-19 pandemic. Bernstein countered that Americans' disposable income rose 4% last year, government data shows. “These measures are kind of faltering and going back to where they were before the pandemic,” he said. “So so far I don't think there's a particularly concerning trend there.” Bernstein's interview comes as Republicans in Iowa are heading to caucuses to decide who should run against Biden in November's general election. The economy, as always, will be a central issue in this year's elections. Bernstein gave his talk about how President Biden plans to plan his election campaign for the economy despite shaky economic surveys. “If you help bake the cake, you should get a good piece,” Bernstein said. “I think it’s pretty simple and pretty straightforward. That has always influenced his economics and I think there is a real consistency when it comes to who he was, who he is and what agenda we want to pursue in the future. I think what's maybe different now is the opposition. “This president has worked very hard, and I think successfully, not out of the blue, there's more work to do, but successfully, to reduce costs for American households.” Republicans disagree. Prices have risen 17.3% since Joe Biden took office, and Americans can't afford it. As voters usher in 2024, they earn less but pay more for everything from gas to groceries, and they know Bidenomics is to blame,” said Ronna McDaniel, chairwoman of the Republican National Committee.