Cavuto fact checks Biden’s top economist in fiery debate: ‘You’re lying, just lying’

Fox Business
16 May 202413:57

Summary

TLDRIn a White House discussion, Council of Economic Advisers Chairman Jared Bernstein addresses the public's skepticism towards economic data and the President's statements on inflation. Bernstein defends the President's record, arguing that factors leading to high inflation were present upon his taking office. He emphasizes the administration's efforts to reduce costs in areas like prescription drugs and energy, and highlights a decline in grocery price inflation. However, the conversation with Neil Cavuto from Fox News becomes contentious over the accuracy of the President's claims regarding inflation rates and the impact on American families.

Takeaways

  • 😀 The White House honored Jared Bernstein, Chairman of the Council of Economic Advisers, for his role in economic discussions.
  • 📉 President Biden claimed to have reduced inflation from 9% to close to 3% upon taking office, which was challenged as a misrepresentation of the actual figures.
  • 🤔 Neil, the interviewer, questioned the trustworthiness of the President's statements on economic data, particularly regarding inflation rates.
  • 📊 Bernstein clarified that while inflation was not at 9% when President Biden took office, the factors that led to the 9% peak were in place at that time.
  • 💼 The administration is focused on reducing costs in areas such as prescription drugs, clean energy, and junk fees to alleviate the financial burden on families.
  • 🛒 Bernstein highlighted that grocery price inflation has been 0% or negative in the last three months, indicating a slowdown in the rate of price increases.
  • 📉 Concerns were raised about the potential for stagflation, with prices remaining high despite slowing job gains and retail sales.
  • 💼 Bernstein emphasized the importance of listening to the Federal Reserve on monetary policy and not rushing into cutting rates too soon.
  • 💼 The discussion touched on wage growth, with Bernstein asserting that for middle-wage workers, wage growth has been outpacing price growth for 14 months.
  • 🏠 However, Neil countered with the point that rent growth and grocery-related food costs are exceeding wage gains, affecting Americans' real income.
  • 🗣️ The conversation underscored the importance of accurate communication from the President and his administration on economic issues and their impact on the public's trust.

Q & A

  • What is the main topic of discussion between Neil and Jared Bernstein?

    -The main topic of discussion is the current state of inflation in the United States, the accuracy of the President's statements regarding inflation, and the administration's efforts to address rising costs.

  • What does Neil challenge Jared about President Biden's claim regarding inflation rates when he took office?

    -Neil challenges Jared on President Biden's claim that inflation was at 9% when he took office, pointing out that it was actually 1.4%, and questioning the accuracy of the President's statements.

  • What is Jared Bernstein's response to the criticism about the President's inflation data?

    -Jared argues that while the President may have misstated the exact numbers, the underlying point that the factors causing inflation were in place when he took office is true.

  • What does Jared mention about the progress made in reducing inflation?

    -Jared mentions that the administration has made progress in reducing inflation, with the President highlighting that families are still struggling with high prices and that lowering costs is a top priority.

  • What is the significance of the discussion around wage growth versus price growth?

    -The significance lies in understanding whether the American people are experiencing real gains in their income compared to the rising costs of living, which is a key indicator of economic health and policy effectiveness.

  • How does Jared defend the administration's actions to lower costs for the American people?

    -Jared defends the administration's actions by citing specific examples such as reducing prescription drug costs, eliminating junk fees in various sectors, and working to lower costs for the American people.

  • What concerns does Neil express about the possibility of stagflation?

    -Neil expresses concerns about the combination of stagnant economic growth and high inflation, which could indicate a challenging economic environment that is difficult for policymakers to address.

  • What is the role of the Federal Reserve in the context of this discussion?

    -The role of the Federal Reserve is to set monetary policy, which includes interest rate adjustments that can influence inflation and economic growth. The discussion touches on the timing and appropriateness of any potential rate cuts.

  • What is Jared's view on the current state of the labor market and its impact on wage growth?

    -Jared views the tight labor market, with unemployment below 4% for over two years, as a positive factor contributing to real wage gains and supporting consumer spending.

  • How does the conversation highlight the importance of accurate data and communication in policymaking?

    -The conversation emphasizes the need for accurate data and clear communication from policymakers to build public trust and ensure that policy decisions are informed and effective.

  • What is the implication of the discussion on grocery price inflation?

    -The implication is that while there has been a decline in the rate of grocery price inflation in recent months, the cumulative effect of previous price increases means that consumers are still facing higher prices overall.

Outlines

00:00

😖 Miscommunication on Inflation Data

In this segment, there's a heated discussion between Neil and Jared Bernstein, Chairman of the Council of Economic Advisers, about the accuracy of President Biden's statements on inflation. Neil challenges the claim that inflation was at 9% when Biden took office, correcting it to 1.4%, and criticizes the President for misrepresenting facts. Bernstein defends the administration's efforts to reduce costs and inflation, arguing that the factors leading to 9% inflation were in place upon Biden's inauguration. The conversation highlights the importance of accurate data representation in policy discussions.

05:01

🛑 Concerns Over Economic Policies and Stagflation

The second paragraph delves into concerns about the Federal Reserve's potential decision to cut rates and the implications it may have on the economy. Bernstein emphasizes the need to trust the Federal Reserve's judgment on monetary policy. Neil raises the specter of stagflation, with high prices and stagnant growth, but Bernstein downplays it, citing a robust labor market and real wage gains. The discussion also touches on rent growth outpacing wage increases and the impact on consumers, with Bernstein asserting that wage growth has been outpacing price growth for middle-wage workers for 14 months.

10:04

📉 Debate Over Grocery Prices and Public Perception

In the final paragraph, the conversation focuses on grocery prices and the public's perception of economic progress. Bernstein points out that grocery price inflation has been flat or negative for the past three months, suggesting that this is a significant development that should be highlighted. Neil, however, argues that the public's experience of high prices is not imaginary and that the administration's focus should be on reducing these costs. The segment ends with a call for accurate reporting on economic indicators and the administration's efforts to address cost concerns.

Mindmap

Keywords

💡Inflation

Inflation refers to the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. In the video's context, inflation is a central theme, with discussions about its current rate, historical comparisons, and its impact on families and the economy. For example, the script mentions President Biden's claim about reducing inflation from 9% to close to 3%, indicating efforts to manage economic stability.

💡Council of Economic Advisers

The Council of Economic Advisers is a group within the executive branch of the U.S. government that provides the President with research and analysis on a wide range of economic issues. In the script, Jared Bernstein, the Chairman of the Council, discusses the administration's economic policies and their impact on inflation and costs, highlighting the role of this advisory body in shaping economic strategies.

💡Presidency

The term 'Presidency' in this context refers to the office and the tenure of the President of the United States. The script discusses the economic conditions at the start of President Biden's term, with a focus on the inflation rate and how it has been managed during his administration. The President's statements and actions regarding economic issues are a key point of contention in the dialogue.

💡Cost of Living

Cost of living refers to the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, and taxes. The video script frequently mentions the cost of living, particularly in relation to the struggles families face with high prices. The discussion underscores the importance of economic policies in addressing the financial burdens on households.

💡Federal Reserve

The Federal Reserve, often referred to as 'the Fed,' is the central banking system of the United States. It plays a crucial role in formulating monetary policy, which influences interest rates and economic growth. In the script, the Federal Reserve's potential actions regarding interest rates are discussed as a significant factor in the broader economic landscape and its impact on inflation.

💡Stagflation

Stagflation is an economic condition characterized by stagnant economic growth, high unemployment, and high inflation. In the script, there is a concern raised about the possibility of the U.S. economy facing stagflation, given the combination of high prices and slowing job gains, highlighting the complex challenges in managing a robust economy.

💡Wage Growth

Wage growth refers to the increase in the average wage or salary over time. The script discusses wage growth in the context of its ability to outpace price growth, suggesting that workers are seeing real gains in their income. This is an important indicator of the health of the labor market and the standard of living for workers.

💡Grocery Prices

Grocery prices are the costs associated with purchasing food and household items. In the video script, there is a specific focus on the recent changes in grocery prices, with the last three months showing zero or negative growth. This is used as evidence to counter the narrative of continuously rising costs and to highlight improvements in certain areas of the economy.

💡Junk Fees

Junk fees are unnecessary or hidden charges that consumers may not be aware of when making a purchase or using a service. The script mentions the administration's efforts to reduce junk fees in various sectors, such as entertainment, airfares, banking, and credit cards, as part of a broader initiative to lower costs for consumers.

💡Prescription Drug Costs

Prescription drug costs refer to the expenses associated with purchasing medications that require a doctor's prescription. The video script discusses the high costs of prescription drugs and the administration's efforts to pass legislation aimed at reducing these costs, which is a significant concern for many families and individuals.

Highlights

Jared Bernstein, Chairman of the Council of Economic Advisers, discusses navigating public perception of economic data and the President's messaging.

President Biden's statement on the White House website acknowledges that families are struggling with high prices.

The President is said to have reduced inflation from 9% to close to 3%, though this is disputed in the conversation.

Neil Cavuto, the host, challenges the accuracy of President Biden's claim regarding the initial inflation rate when he took office.

Bernstein argues that the factors causing inflation to reach 9% were in place when President Biden took office.

Cavuto expresses concern about the public's trust in the President's statements on economic data.

Bernstein emphasizes progress on lowering costs and inflation for the American people, referencing a favorable CPI report.

Discussion on the Federal Reserve's potential actions and the implications for monetary policy.

Concerns about economic indicators pointing towards stagflation are raised, with Bernstein downplaying the risk.

Bernstein highlights the labor market's strength and real wage gains as positive factors for the economy.

Cavuto points out that rent growth and food costs are exceeding wage gains, contradicting Bernstein's points.

Bernstein insists that on a year-over-year basis, wages for middle-wage workers have been beating price growth.

Cavuto and Bernstein debate the accuracy and impact of economic data reporting in the media.

Bernstein urges Cavuto to cover the recent decline in grocery prices as part of the economic narrative.

Cavuto argues that the public is experiencing higher prices in real terms despite wage growth.

Bernstein defends the administration's efforts to lower costs in areas such as prescription drugs and junk fees.

Cavuto questions the President's credibility on economic matters due to inaccuracies in his statements.

Bernstein calls for a focus on the administration's actions to address high prices and lower costs for families.

Transcripts

00:03

 NEIL: IT IS FAST.

00:04

 AT THE WHITE HOUSE, SPEAKING OF

00:08

 THE WHITE HOUSE, HONORED TO

00:09

 HAVE THE CHAIRMAN OF THE

00:10

 COUNCIL OF ECONOMIC ADVISERS,

00:14

 JARED BERNSTEIN, I UNDERSTAND

00:16

 YOUR FRUSTRATION WHEN YOU LOOK

00:17

 AT THE DATA AND AMERICANS DON'T

00:18

 BUY THE DATA BUT THEY DON'T BY

00:22

 THE PRESIDENT TELLING THEM THEY

00:24

 ARE ESSENTIALLY WRONG, IT'S NOT

00:24

 THAT BAD.

00:27

 HOW DO YOU NAVIGATE?

00:29

 >> THAT IS NOT WHAT THE

00:29

 PRESIDENT TELLS THEM.

00:31

 WHEN YOU LOOK AT HIS STATEMENT

00:33

 ON THE WHITE HOUSE WEBSITE ON

00:36

 THE INFLATION REPORT, GOT A

00:37

 VERY FAVORABLE REPORT FROM THE

00:38

 PERSPECTIVE OF THE MARKETS AS

00:41

 YOUR REPORTING CORRECTLY.

00:43

 HE POINTED OUT, ONE OF HIS

00:45

 FIRST SENTENCES, FAMILIES ARE

00:46

 STILL STRUGGLING WITH PRICES

00:49

 THAT ARE TOO HIGH, A QUOTE FROM

00:50

 HIS STATEMENT YESTERDAY.

00:52

 NEVER WILL THIS PRESIDENT BLOW

00:54

 UP THE STRUGGLES OF FAMILIES

00:54

 THAT HE GREW UP IN.

00:58

 THEY ARE CUTTING COSTS,

01:00

 PRESCRIPT AND DRUGS, CLEAN

01:04

 ENERGY, JUNK FEES, LOWER COST

01:05

 IN THOSE AREAS.

01:11

 NEIL: SOME MIGHT DISAGREE ON

01:12

 THAT.

01:15

 WHY THE PRESIDENT KEEPS

01:18

 CLAIMING THIS.

01:18

 TAKE A LOOK.

01:23

 >> President Biden: WE REDUCED

01:25

 INFLATION FROM 9% TO CLOSE TO

01:31

 3%, AND TOOK OFFICE, 9% WHEN

01:31

 THEY CAME TO OFFICE.

01:35

 PEOPLE HAVE A RIGHT TO BE

01:36

 CONCERNED.

01:41

 AND IT IS DOWN 3%.

01:48

 JACKIE:

01:49

 NEIL: YOU ARE THE HEAD OF THE

01:49

 COUNCIL OF ECONOMIC ADVISERS.

01:53

 JUST TO BE TECHNICAL ABOUT IT,

01:55

 WASN'T 9% WHEN HE ASSUMED

01:57

 OFFICE, IT WAS ONE.

01:57

 4%.

02:00

 IT GOT AS HIGH AS 9% IN 2022,

02:01

 HE BROUGHT IT DOWN FROM THAT

02:02

 BUT IT WAS NEVER 9% WHEN HE

02:03

 CAME INTO OFFICE.

02:09

 >> IN THE QUOTE YOU PLAYED, THE

02:11

 PRESIDENT TALKED ABOUT HOW

02:17

 CONCERNED HE WAS, THAT HE

02:19

 CONSISTENTLY --

02:20

 NEIL: HE MISREPRESENTED THIS.

02:21

 >> HE IS MAKING THE POINT THAT

02:26

 THE FACTORS THAT CAUSED

02:27

 INFLATION TO CLIMB TO 9% WERE

02:29

 IN PLACE WHEN HE TOOK OFFICE.

02:32

 NEIL: HE SAID IT WAS AT 9%.

02:33

 IT WOULD EVENTUALLY GET A 9%

02:36

 YEAR-OVER-YEAR AFTER THAT.

02:37

 IT WASN'T 9%.

02:41

 IF I CAN'T TRUST HIM QUOTING

02:43

 DATA IN REAL-TIME, WHY SHOULD I

02:44

 BELIEVE WHAT HE IS TALKING

02:45

 ABOUT NOW?

02:48

 >> THE ANNUAL GROWTH IN CORE

02:49

 INFLATION IN THE SECOND QUARTER

02:52

 OF 21 WAS IN FACT ABOUT 9%, AND

02:56

 HIS POINT ABOUT INFLATION IS

02:57

 VERY MUCH THE CASE.

03:02

 NEIL: YOU ARE ALMOST AS BAD AS

03:02

 HE IS.

03:04

 WHY CAN'T YOU JUST SAY IT WAS

03:07

 HIGH, NOT AS HIGH AS 9%, YOU

03:07

 WOULD BE ACCURATE IN SAYING

03:10

 THAT AND WE BROUGHT IT DOWN AND

03:11

 ARE AROUND THE 3% AREA BUT

03:13

 BETTER THAN IT WAS.

03:16

 BUT TO HANG OUT ON HIS

03:18

 PREDECESSOR THAT YOU INHERITED

03:19

 SOMETHING THAT WAS THROUGH THE

03:20

 ROOF IN THE MIDDLE OF COVID

03:24

 SEEMS -- WHETHER REPUBLICAN OR

03:26

 DEMOCRAT, YOU ARE JUST LYING.

03:27

 >> HOLD ON.

03:29

 I HEAR YOU.

03:31

 THE PRESIDENT WAS MAKING THE

03:31

 POINT THAT I THINK IS

03:32

 UNEQUIVOCALLY TRUE.

03:36

 THE FACTORS THAT TOOK INFLATION

03:37

 TO 9% WERE IN PLACE WHEN HE

03:37

 TOOK OFFICE.

03:39

 NEIL: THAT IS NOT WHAT HE SAID.

03:41

 YOU ARE A SMART GUY WITH THIS

03:42

 STUFF.

03:43

 YOU COULD WHISPER, HE'S A GOOD

03:45

 FRIEND OF YOURS, THINK THE

03:45

 WORLD OF YOU AND MANY OTHERS DO

03:46

 AS WELL.

03:47

 YOU COULD HAVE TOLD HIM I GOT

03:48

 TO TELL YOU, MR.

03:51

 PRESIDENT, YOU MIGHT EVEN CALL

03:52

 HIM JOE, THAT'S HOW CLOSE YOU

03:55

 ARE AND JUST SAY SIR, IT WAS

03:58

 NOT 9%, STOP IT WITH A 9%

04:00

 BECAUSE THE MORE YOU SAY IT,

04:00

 THE MORE PEOPLE DON'T BELIEVE

04:01

 WHAT YOU ARE SAYING.

04:03

 >> WHAT THE AMERICAN PEOPLE

04:08

 CARE MOST ABOUT IS --

04:09

 NEIL: TRUTH.

04:09

 HOLD ON.

04:12

 >> THIS ONLY WORKS IF YOU LET

04:13

 ME TALK, OKAY?

04:18

 NEIL: I'VE ASKED 5 TIMES IN 5

04:19

 WAYS.

04:21

 >> THE PRESIDENT IS MAKING THE

04:22

 POINT THAT FACTORS THAT CAUSED

04:23

 INFLATION WERE IN PLACE WHEN HE

04:25

 TOOK OFFICE.

04:28

 I TAKE YOUR POINT AND WE CAN GO

04:31

 ON ALL DAY BACK-AND-FORTH ON

04:32

 THIS.

04:34

 WHAT MATTERS TODAY, ARE WE

04:37

 MAKING PROGRESS ON LOWERING

04:38

 COSTS AS WELL AS LOWERING

04:38

 INFLATION, THEY ARE NOT THE

04:39

 SAME THING, LOWERING INFLATION

04:41

 AND COST ON BEHALF OF THE

04:42

 AMERICAN PEOPLE.

04:45

 WE SAW A GREAT CPI REPORT BUT

04:46

 THAT'S WHEN DATA POINT.

04:47

 NO VICTORY LAPS.

04:51

 NEIL: OF THE FOR TREND IS YOUR

04:53

 FRIEND, LOOKS LIKE A KID BE,

04:54

 THE FEDERAL RESERVE MIGHT ADD

04:55

 LIKE THE ABILITY TO CUT RATES.

04:56

 I HAD A GUEST YOU MIGHT HAVE

04:58

 HEARD EARLIER, THAT WOULD BE A

05:01

 MISTAKE, A LITTLE TOO SOON TO

05:02

 CUT RATES.

05:05

 HOW DO YOU FEEL ABOUT THAT?

05:06

 >> A FEDERAL RESERVE MONETARY

05:07

 POLICY, WHAT I WILL SAY IS THE

05:11

 FED AND JEROME POWELL

05:12

 CONSISTENTLY SAID HE NEEDS TO

05:13

 HAVE MORE FAITH IN HIS

05:14

 FORECAST.

05:14

 I SUSPECT HE'S NOT THE ONLY

05:17

 ONE.

05:19

 A REPORT ON THE CPA IS A DATA

05:21

 POINT THAT HELPS IN THAT REGARD

05:21

 BUT WE HAVE TO LISTEN TO THE

05:22

 FED ON THAT POINT.

05:26

 NEIL: MARKET CERTAINLY LIKE IT

05:29

 TO YOUR POINT.

05:30

 A SLOW DOWN IS BETTER THAN

05:33

 THINGS HEATING UP, WE SEE THE

05:36

 RETAIL INFLATION AND RETAIL

05:37

 SALES, JOB GAINS SLOWING A

05:38

 BLISTERING PACE.

05:42

 WE'VE SEEN FACTORY OUTPUT WHICH

05:42

 IS PRETTY FLAT.

05:43

 ARE YOU WORRIED, SOUNDS LIKE A

05:47

 180 WE COULD BE LOOKING AT

05:48

 STAGFLATION.

05:51

 PRICES ARE STILL HIGH.

05:51

 ARE YOU WORRIED ABOUT THAT?

05:57

 >> THE QUESTION, ARE YOU

05:59

 WORRIED ABOUT SOMETHING, I

06:01

 WORRY ABOUT EVERYTHING, THERE'S

06:02

 BANANA PEEL EVERYWHERE YOU

06:03

 STEPPED, STAGFLATION IS LOW ON

06:04

 MY LIST FOR THE FOLLOWING

06:04

 REASON.

06:08

 FIRST OF ALL THE LABOR MARKET

06:10

 HAS BEEN CONSISTENTLY TIGHT

06:11

 WITH UNEMPLOYMENT BELOW 4% FOR

06:12

 WELL OVER TWO YEARS, THAT IS

06:15

 HELPING TO GENERATE REAL WAGE

06:16

 GAINS.

06:17

 THE DISINFLATION WE HAVE HAD IS

06:18

 REALLY IMPORTANT IN THAT

06:18

 REGARD.

06:19

 WE NOW HAVE YEAR OVER YEAR WAGE

06:22

 GROWTH FOR MIDDLE WAGE WROTE --

06:23

 WORKERS, 14 MONTHS IN A ROW.

06:25

 THAT IS THE KIND OF TAILWIND

06:30

 FROM THE JOB MARKET TO HELP AND

06:31

 SUPPORT CONSUMER SPENDING, 70%

06:34

 OF OUR ECONOMY, AND IT HAS BEEN

06:37

 A POSITIVE PERPETUAL MOTION

06:41

 MACHINE IN TERMS OF GROWTH.

06:41

 GDP --

06:42

 NEIL: HASN'T BEEN A PERPETUAL

06:42

 MACHINE.

06:46

 RENT GROWTH RIGHT NOW IS

06:47

 OUTSTRIPPING JOB SURGES IN MOST

06:50

 OF THE US METRO AREAS.

06:51

 THERE'S A FLIPSIDE.

06:53

 >> I'M NOT SURE WHAT POINT YOU

06:55

 ARE MAKING.

06:58

 NEIL: WHAT PEOPLE ARE ENDURING

07:03

 ISN'T -- YOU THAT EARNINGS ARE

07:04

 GOING UP, THEY ARE EXPERIENCING

07:07

 THESE GAINS.

07:07

 IN REAL TERMS THEY ARE NOT.

07:10

 >> WE HAVE A FACTUAL

07:10

 DISAGREEMENT.

07:16

 NEIL: RENT GROWTH IS

07:17

 OUTSTRIPPING WAGE GAINS.

07:20

 >> I KNOW, I WANT TO ASK YOU A

07:20

 QUESTION.

07:22

 ON A YEAR-OVER-YEAR BASIS, HAS

07:25

 WAGE GROWTH BEEN BEATING PRICE

07:25

 GROWTH?

07:26

 NEIL: NO.

07:30

 WHEN I TALK ABOUT RENT GROWTH

07:34

 AND GROCERY RELATED FOOD COSTS,

07:35

 EXCEEDING WAGE GAINS, YOU SEE I

07:37

 MADE THAT UP?

07:41

 IS THAT UNDER YOUR CONTROL?

07:43

 >> ON A YEAR-OVER-YEAR BASIS,

07:46

 WAGES OF MIDDLE WAGE WORKERS

07:47

 WENT UP 0.

07:48

 6%.

07:49

 I WILL PUT THIS ON TWITTER WHEN

07:50

 I GET OUT OF HERE.

07:50

 THAT'S A FACT.

07:54

 AND IN FACT ON A YEAR OVER YEAR

07:57

 BASIS WAGES ARE BEATING PRICES

07:58

 FOR I BELIEVE 14 MONTHS

08:00

 RUNNING.

08:00

 I WILL MAKE SURE THAT IS RIGHT

08:01

 WHEN I GET BACK TO MY OFFICE.

08:05

 NEIL: ON THE RENT THING AND

08:06

 VOTE RELATED COSTS ARE

08:09

 EXCEEDING THE WAGE GROWTH OF

08:10

 AMERICANS YOU SAY THAT'S NOT

08:11

 HAPPENING.

08:13

 AMERICAN WAGES, I WANT TO BE

08:17

 CLEAR, EXCEEDING WHAT THEIR

08:18

 COSTS ARE THAT THEY ARE

08:21

 ENDURING.

08:21

 THEY WOULD HAVE SOMETHING ELSE

08:22

 TO TELL YOU.

08:24

 >> I AM NOT MAKING A CLAIM,

08:24

 JUST A FACTUAL POINT THAT WAGE

08:30

 GROWTH HONOR YEARLY BASIS IS

08:31

 BEATING PRICE GROWTH AND HAS

08:32

 BEEN FOR MIDDLE WAGE WORKERS

08:33

 FOR 14 MONTHS IN A ROW.

08:39

 NEIL: JUST TO BE CLEAR, YOU ARE

08:43

 SAYING THAT IS NOT EXCEEDING

08:44

 WHAT THEY ARE MAKING.

08:48

 AMERICANS --

08:48

 >> STOP THAT.

08:50

 NEIL: STOP BUYING A NUMBER OF

08:52

 ITEMS PRECISELY BECAUSE OF

08:53

 THAT.

08:54

 YOU ARE SAYING IT'S NOT THAT

08:56

 BAD, YOU SOUND LIKE LET THEM

08:57

 EAT CAKE.

08:57

 THEY CAN'T AFFORD THE CAKE.

08:59

 >> I STARTED THIS INTERVIEW BY

09:03

 QUOTING THE PRESIDENT SAYING WE

09:04

 KNOW FAMILIES ARE STRUGGLING

09:05

 WITH HIGH PRICES, THAT'S WHY

09:07

 OUR TOP PRIORITY --

09:09

 NEIL: YOU DISMISS THE HIGH

09:09

 PRICES.

09:10

 ONLY LATELY HAS THE PRESIDENT

09:13

 ACKNOWLEDGED THERE MIGHT BE A

09:14

 PRICE PROBLEM.

09:15

 >> LET ME ASK YOU AN IMPORTANT

09:17

 QUESTION FOR YOU.

09:20

 HERE IS GROCERY PRICE INFLATION

09:21

 FOR THE LAST TWO MONTHS,

09:23

 GROCERY PRICE INFLATION, 0%,

09:27

 0%, NEGATIVE 0.

09:28

 2%.

09:29

 THAT'S THE LAST THREE MONTHS OF

09:31

 GROCERY PRICE INFLATION.

09:34

 MY QUESTION FOR YOU -- HAVE YOU

09:37

 DONE A STORY ABOUT THIS?

09:40

 NEIL: WE TALKED ABOUT --

09:43

 >> A STORY ON THE DECLINE IN

09:44

 GROCERY PRICES.

09:44

 NEIL: YOU ARE TALKING ABOUT THE

09:48

 RATE --

09:48

 >> MINUS.

09:50

 2.

09:51

 NEIL: THE RATE OF INCREASE HAS

09:52

 SLOWED.

09:56

 YOU ARE NOT TALKING ABOUT THE

09:58

 GAS GAINS IN DOUBLE-DIGIT.

09:59

 YOU ARE ISOLATING A 3-MONTH

10:03

 PERIOD.

10:04

 PLEASE, THIS IS AN IMPORTANT

10:05

 POINT.

10:07

 I DON'T MEAN TO BUS MURCH YOU.

10:09

 YOU'VE GOT TO ACKNOWLEDGE WHEN

10:10

 YOU MAKE A BIG DEAL OF PRICES

10:13

 THAT STOP SEARCHING OR HOLD

10:14

 THEIR OWN AFTER THEY HAVE GONE

10:16

 UP AT A DOUBLE-DIGIT RATE AND

10:18

 CRAWL ABOUT THAT AS PROGRESS,

10:20

 HALLELUJAH BUT FOR PEOPLE WHO

10:21

 GO IN THE GROCERY STORE LINE

10:22

 STEREO EXPERIENCE PRICES THAT

10:25

 ARE NOW A LOT HIGHER THAN THEY

10:26

 USED TO BE YOU ARE SAYING

10:28

 ESSENTIALLY YOU ARE IMAGINING

10:29

 IT, THEY ARE NOT IMAGINING IT.

10:30

 >> THEY ARE NOT IMAGINING IT AT

10:31

 ALL.

10:34

 JACK: RIGHT THE LAST THREE

10:38

 MONTHS --

10:39

 >> YOU HAVE TO PAY ATTENTION TO

10:39

 ME.

10:40

 THANK YOU.

10:41

 I STARTED THIS INTERVIEW BY

10:42

 QUOTING THE PRESIDENT OF THE

10:46

 UNITED STATES SAYING, QUOTE, WE

10:47

 KNOW THAT FAMILIES ARE

10:49

 STRUGGLING WITH PRICES THAT ARE

10:50

 TOO HIGH, AND THEREFORE OUR TOP

10:52

 AGENDA IS TO LOWER COSTS.

10:53

 LAUREN: 1 SHOULD I BELIEVE IT?

10:59

 WHEN HE DOESN'T BELIEVE IN

11:00

 ACCURATELY TALKING ABOUT WHAT

11:01

 INFLATION WAS WHEN HE TOOK

11:02

 OFFICE?

11:03

 WHY SHOULD I BELIEVE WHAT HE

11:05

 SAYS NOW WHEN HE DOESN'T EVEN

11:07

 KNOW WHAT IS HAPPENING WITH

11:07

 INFLATION SINCE HE TOOK OFFICE.

11:09

 >> LOOK WHAT HE HAS DONE ON

11:10

 JUNK FEES.

11:13

 AND PUT A MICROPHONE IN SOMEONE

11:19

 WITH LOWER PRESCRIPTION DRUG

11:25

 COSTS, AND SOME IN GETTING RID

11:25

 OF THE AIRLINE JUNK FEES.

11:29

 NEIL: --

11:29

 >> I DON'T HAVE A NEWS STATION.

11:33

 YOU ARE A NEWS STATION.

11:36

 NEIL: THE DATA THAT SUPPORTS

11:38

 THAT.

11:42

 >> HOW ARE MY CHERRY PICKING

11:43

 THE DATA?

11:43

 I STARTED THIS INTERVIEW

11:45

 TALKING ABOUT PEOPLE STRUGGLING

11:46

 WITH PRICES THAT ARE TOO HIGH.

11:48

 I THEN TOLD YOU A FACT THAT

11:49

 APPARENTLY YOU ARE NOT GETTING

11:53

 WHICH IS WAGES ARE BEATING

11:54

 PRICES.

11:56

 NEIL: IS THE PRESIDENT WHOSE

11:57

 NOT GETTING THE INFLATION

11:59

 THING.

12:00

 THE PRESIDENT KEEP SAYING

12:00

 INFLATION WAS AT 9% WHEN I TOOK

12:01

 OFFICE.

12:04

 THIS GETS TO THE PART OF THE

12:10

 PROBLEM, IF THE PRESIDENT CAN'T

12:12

 GET FACTS RIGHT, WHY WILL I BE

12:14

 LEAVE ANYTHING ABOUT WHAT IS

12:17

 GOING ON NOW?

12:18

 >> WHEN THE PRESIDENT SAYS

12:19

 FAMILIES ARE STRUGGLING WITH

12:22

 PRICES THAT ARE TOO HIGH AND HE

12:23

 HAS AN AGGRESSIVE A JUDGE TO

12:24

 ADDRESS THAT, YOU SHOULD LISTEN

12:26

 TO HIM TO THE EXTENT THAT HE

12:28

 CAN PROVE THAT HE IS IMPLANTING

12:29

 THAT AGENDA.

12:31

 LET ME TALK ABOUT THAT.

12:31

 WHEN IT COMES TO THE COST OF

12:36

 INSULIN AND PRESCRIPTION DRUGS,

12:38

 HE HAS PASSED LEGISLATION THAT

12:40

 HAS LOWERED THOSE COSTS.

12:40

 WHEN IT COMES TO JUNK FEES AND

12:44

 ENTERTAINMENT AND AIRFARES,

12:45

 BANKING, CREDIT CARDS, HE HAS

12:45

 ACTIVELY LOWERED COST IN THOSE

12:46

 AREAS.

12:49

 NEIL: JUNK FEES CUT ON --

12:57

 >> WHEN THE PRESIDENT --

12:58

 NEIL: DOESN'T GET THE BIG

12:59

 NUMBER.

12:59

 >> LET ME FINISH.

13:00

 GO BACK A YEAR OR TWO AND LOOK

13:04

 WHAT GROCERY PRICES WERE DOING,

13:05

 THEY WERE GROWING DOUBLE-DIGIT.

13:06

 FOR THE LAST THREE MONTHS THEY

13:09

 HAVE BEEN 0 OR NEGATIVE.

13:10

 THAT'S NOT A VICTORY LAP.

13:12

 TO COME TO YOUR QUESTION.

13:13

 OUR FIGHT IS NOT OVER.

13:14

 PEOPLE ARE STILL PAYING TOO

13:15

 MUCH.

13:17

 I WANT TO BE --

13:19

 NEIL: THAT IS WHEN YOU WERE AT

13:20

 9% AND WE ARE DOWN FROM THAT.

13:23

 >> IF GROCERIES WERE UP THREE

13:24

 MONTHS IN A ROW YOU WOULD HAVE

13:26

 DONE A STORY ABOUT THAT.

13:27

 THE FACT THAT THEY ARE FLAT OR

13:29

 DOWN THREE MONTHS IN A ROW, I

13:33

 URGE YOU TO ELEVATE THAT.

13:35

 NEIL: IF YOU'RE UP 9, 10, 11,

13:36

 12% IT IS NOT ONE THING TO HOLD

13:38

 THOSE LEVELS, YOU'VE GOT TO

13:39

 START BRINGING THOSE LEVELS

13:39

 DOWN IN REVERSE.

13:42

 >> AND THAT IS AN IMPORTANT

13:43

 PART OF THE STORY THAT YOU

13:44

 SHOULD TELL.

13:45

 NEIL: I WOULD LOVE TO HAVE YOU

13:48

 BACK.

13:49

 MAYBE TALK TO THE PRESIDENT

13:52

 ABOUT THE 9% THING AND WE ARE

13:53

 OFF TO THE RACES BUT IT IS

13:54

 ALWAYS GOOD HAVING YOU.

13:55

 JARED BERNSTEIN ON THA

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Tags associés
Inflation DebateEconomic AdviserWhite HouseAmerican FamiliesPolicy ImpactPresident BidenEconomic ReportCost ReductionInflation RateConsumer Struggles
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