“It makes perfect sense” that 64% of people think we are in a recession


On Friday’s show from CNN’s “Situation Room,” Jared Bernstein, a member of the White House Council of Economic Advisers, said it made “perfect sense” that 64% of Americans think we’re in recession because “most people think about inflation”. They think about the pressures on their family budget. And it is quite understandable that they are. Bernstein also said that even if inflation is too high, “we tried to point out that these families often have pretty decent balance sheets.”

Bernstein said, “I say it makes perfect sense to me that people respond to a survey with that kind of response. And the reason for that is if you actually look at how the band that designates recessions…it’s a pretty technical set of analyzes that we’ve been talking about throughout the week. But most people think of inflation. They think about the pressures on their family budget. And it is quite understandable that they are. Now, we’ve tried to point out that these families often have pretty decent track records. In fact, they are spending at a decent rate, even though GDP had a negative effect in the second quarter or, for that matter, the first. Consumer spending was actually a plus. Real consumer spending, adjusted for inflation, was actually a plus in both quarters. And we talked about the strong labor market environment. But inflation is very [a concern] Household. And that’s why it’s our number one priority to bring him down. I have already spoken of some of these actions, in ports, in energy, in certain food areas in which we have intervened. It’s really important to get this inflation reduction act to the president’s office as soon as possible because there are measures in there that would reduce prescription drug costs, health care premium costs and would reduce the cost of clean energy, which is a great incentive and a big help for the family budget as well.

Follow Ian Hanchett on Twitter @IanHanchett




Breitbart

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button