Cavuto fact checks Biden’s top economist in fiery debate: ‘You’re lying, just lying’
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
😖 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.
🛑 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.
📉 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
💡Council of Economic Advisers
💡Presidency
💡Cost of Living
💡Federal Reserve
💡Stagflation
💡Wage Growth
💡Grocery Prices
💡Junk Fees
💡Prescription Drug Costs
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
NEIL: IT IS FAST.
AT THE WHITE HOUSE, SPEAKING OF
THE WHITE HOUSE, HONORED TO
HAVE THE CHAIRMAN OF THE
COUNCIL OF ECONOMIC ADVISERS,
JARED BERNSTEIN, I UNDERSTAND
YOUR FRUSTRATION WHEN YOU LOOK
AT THE DATA AND AMERICANS DON'T
BUY THE DATA BUT THEY DON'T BY
THE PRESIDENT TELLING THEM THEY
ARE ESSENTIALLY WRONG, IT'S NOT
THAT BAD.
HOW DO YOU NAVIGATE?
>> THAT IS NOT WHAT THE
PRESIDENT TELLS THEM.
WHEN YOU LOOK AT HIS STATEMENT
ON THE WHITE HOUSE WEBSITE ON
THE INFLATION REPORT, GOT A
VERY FAVORABLE REPORT FROM THE
PERSPECTIVE OF THE MARKETS AS
YOUR REPORTING CORRECTLY.
HE POINTED OUT, ONE OF HIS
FIRST SENTENCES, FAMILIES ARE
STILL STRUGGLING WITH PRICES
THAT ARE TOO HIGH, A QUOTE FROM
HIS STATEMENT YESTERDAY.
NEVER WILL THIS PRESIDENT BLOW
UP THE STRUGGLES OF FAMILIES
THAT HE GREW UP IN.
THEY ARE CUTTING COSTS,
PRESCRIPT AND DRUGS, CLEAN
ENERGY, JUNK FEES, LOWER COST
IN THOSE AREAS.
NEIL: SOME MIGHT DISAGREE ON
THAT.
WHY THE PRESIDENT KEEPS
CLAIMING THIS.
TAKE A LOOK.
>> President Biden: WE REDUCED
INFLATION FROM 9% TO CLOSE TO
3%, AND TOOK OFFICE, 9% WHEN
THEY CAME TO OFFICE.
PEOPLE HAVE A RIGHT TO BE
CONCERNED.
AND IT IS DOWN 3%.
JACKIE:
NEIL: YOU ARE THE HEAD OF THE
COUNCIL OF ECONOMIC ADVISERS.
JUST TO BE TECHNICAL ABOUT IT,
WASN'T 9% WHEN HE ASSUMED
OFFICE, IT WAS ONE.
4%.
IT GOT AS HIGH AS 9% IN 2022,
HE BROUGHT IT DOWN FROM THAT
BUT IT WAS NEVER 9% WHEN HE
CAME INTO OFFICE.
>> IN THE QUOTE YOU PLAYED, THE
PRESIDENT TALKED ABOUT HOW
CONCERNED HE WAS, THAT HE
CONSISTENTLY --
NEIL: HE MISREPRESENTED THIS.
>> HE IS MAKING THE POINT THAT
THE FACTORS THAT CAUSED
INFLATION TO CLIMB TO 9% WERE
IN PLACE WHEN HE TOOK OFFICE.
NEIL: HE SAID IT WAS AT 9%.
IT WOULD EVENTUALLY GET A 9%
YEAR-OVER-YEAR AFTER THAT.
IT WASN'T 9%.
IF I CAN'T TRUST HIM QUOTING
DATA IN REAL-TIME, WHY SHOULD I
BELIEVE WHAT HE IS TALKING
ABOUT NOW?
>> THE ANNUAL GROWTH IN CORE
INFLATION IN THE SECOND QUARTER
OF 21 WAS IN FACT ABOUT 9%, AND
HIS POINT ABOUT INFLATION IS
VERY MUCH THE CASE.
NEIL: YOU ARE ALMOST AS BAD AS
HE IS.
WHY CAN'T YOU JUST SAY IT WAS
HIGH, NOT AS HIGH AS 9%, YOU
WOULD BE ACCURATE IN SAYING
THAT AND WE BROUGHT IT DOWN AND
ARE AROUND THE 3% AREA BUT
BETTER THAN IT WAS.
BUT TO HANG OUT ON HIS
PREDECESSOR THAT YOU INHERITED
SOMETHING THAT WAS THROUGH THE
ROOF IN THE MIDDLE OF COVID
SEEMS -- WHETHER REPUBLICAN OR
DEMOCRAT, YOU ARE JUST LYING.
>> HOLD ON.
I HEAR YOU.
THE PRESIDENT WAS MAKING THE
POINT THAT I THINK IS
UNEQUIVOCALLY TRUE.
THE FACTORS THAT TOOK INFLATION
TO 9% WERE IN PLACE WHEN HE
TOOK OFFICE.
NEIL: THAT IS NOT WHAT HE SAID.
YOU ARE A SMART GUY WITH THIS
STUFF.
YOU COULD WHISPER, HE'S A GOOD
FRIEND OF YOURS, THINK THE
WORLD OF YOU AND MANY OTHERS DO
AS WELL.
YOU COULD HAVE TOLD HIM I GOT
TO TELL YOU, MR.
PRESIDENT, YOU MIGHT EVEN CALL
HIM JOE, THAT'S HOW CLOSE YOU
ARE AND JUST SAY SIR, IT WAS
NOT 9%, STOP IT WITH A 9%
BECAUSE THE MORE YOU SAY IT,
THE MORE PEOPLE DON'T BELIEVE
WHAT YOU ARE SAYING.
>> WHAT THE AMERICAN PEOPLE
CARE MOST ABOUT IS --
NEIL: TRUTH.
HOLD ON.
>> THIS ONLY WORKS IF YOU LET
ME TALK, OKAY?
NEIL: I'VE ASKED 5 TIMES IN 5
WAYS.
>> THE PRESIDENT IS MAKING THE
POINT THAT FACTORS THAT CAUSED
INFLATION WERE IN PLACE WHEN HE
TOOK OFFICE.
I TAKE YOUR POINT AND WE CAN GO
ON ALL DAY BACK-AND-FORTH ON
THIS.
WHAT MATTERS TODAY, ARE WE
MAKING PROGRESS ON LOWERING
COSTS AS WELL AS LOWERING
INFLATION, THEY ARE NOT THE
SAME THING, LOWERING INFLATION
AND COST ON BEHALF OF THE
AMERICAN PEOPLE.
WE SAW A GREAT CPI REPORT BUT
THAT'S WHEN DATA POINT.
NO VICTORY LAPS.
NEIL: OF THE FOR TREND IS YOUR
FRIEND, LOOKS LIKE A KID BE,
THE FEDERAL RESERVE MIGHT ADD
LIKE THE ABILITY TO CUT RATES.
I HAD A GUEST YOU MIGHT HAVE
HEARD EARLIER, THAT WOULD BE A
MISTAKE, A LITTLE TOO SOON TO
CUT RATES.
HOW DO YOU FEEL ABOUT THAT?
>> A FEDERAL RESERVE MONETARY
POLICY, WHAT I WILL SAY IS THE
FED AND JEROME POWELL
CONSISTENTLY SAID HE NEEDS TO
HAVE MORE FAITH IN HIS
FORECAST.
I SUSPECT HE'S NOT THE ONLY
ONE.
A REPORT ON THE CPA IS A DATA
POINT THAT HELPS IN THAT REGARD
BUT WE HAVE TO LISTEN TO THE
FED ON THAT POINT.
NEIL: MARKET CERTAINLY LIKE IT
TO YOUR POINT.
A SLOW DOWN IS BETTER THAN
THINGS HEATING UP, WE SEE THE
RETAIL INFLATION AND RETAIL
SALES, JOB GAINS SLOWING A
BLISTERING PACE.
WE'VE SEEN FACTORY OUTPUT WHICH
IS PRETTY FLAT.
ARE YOU WORRIED, SOUNDS LIKE A
180 WE COULD BE LOOKING AT
STAGFLATION.
PRICES ARE STILL HIGH.
ARE YOU WORRIED ABOUT THAT?
>> THE QUESTION, ARE YOU
WORRIED ABOUT SOMETHING, I
WORRY ABOUT EVERYTHING, THERE'S
BANANA PEEL EVERYWHERE YOU
STEPPED, STAGFLATION IS LOW ON
MY LIST FOR THE FOLLOWING
REASON.
FIRST OF ALL THE LABOR MARKET
HAS BEEN CONSISTENTLY TIGHT
WITH UNEMPLOYMENT BELOW 4% FOR
WELL OVER TWO YEARS, THAT IS
HELPING TO GENERATE REAL WAGE
GAINS.
THE DISINFLATION WE HAVE HAD IS
REALLY IMPORTANT IN THAT
REGARD.
WE NOW HAVE YEAR OVER YEAR WAGE
GROWTH FOR MIDDLE WAGE WROTE --
WORKERS, 14 MONTHS IN A ROW.
THAT IS THE KIND OF TAILWIND
FROM THE JOB MARKET TO HELP AND
SUPPORT CONSUMER SPENDING, 70%
OF OUR ECONOMY, AND IT HAS BEEN
A POSITIVE PERPETUAL MOTION
MACHINE IN TERMS OF GROWTH.
GDP --
NEIL: HASN'T BEEN A PERPETUAL
MACHINE.
RENT GROWTH RIGHT NOW IS
OUTSTRIPPING JOB SURGES IN MOST
OF THE US METRO AREAS.
THERE'S A FLIPSIDE.
>> I'M NOT SURE WHAT POINT YOU
ARE MAKING.
NEIL: WHAT PEOPLE ARE ENDURING
ISN'T -- YOU THAT EARNINGS ARE
GOING UP, THEY ARE EXPERIENCING
THESE GAINS.
IN REAL TERMS THEY ARE NOT.
>> WE HAVE A FACTUAL
DISAGREEMENT.
NEIL: RENT GROWTH IS
OUTSTRIPPING WAGE GAINS.
>> I KNOW, I WANT TO ASK YOU A
QUESTION.
ON A YEAR-OVER-YEAR BASIS, HAS
WAGE GROWTH BEEN BEATING PRICE
GROWTH?
NEIL: NO.
WHEN I TALK ABOUT RENT GROWTH
AND GROCERY RELATED FOOD COSTS,
EXCEEDING WAGE GAINS, YOU SEE I
MADE THAT UP?
IS THAT UNDER YOUR CONTROL?
>> ON A YEAR-OVER-YEAR BASIS,
WAGES OF MIDDLE WAGE WORKERS
WENT UP 0.
6%.
I WILL PUT THIS ON TWITTER WHEN
I GET OUT OF HERE.
THAT'S A FACT.
AND IN FACT ON A YEAR OVER YEAR
BASIS WAGES ARE BEATING PRICES
FOR I BELIEVE 14 MONTHS
RUNNING.
I WILL MAKE SURE THAT IS RIGHT
WHEN I GET BACK TO MY OFFICE.
NEIL: ON THE RENT THING AND
VOTE RELATED COSTS ARE
EXCEEDING THE WAGE GROWTH OF
AMERICANS YOU SAY THAT'S NOT
HAPPENING.
AMERICAN WAGES, I WANT TO BE
CLEAR, EXCEEDING WHAT THEIR
COSTS ARE THAT THEY ARE
ENDURING.
THEY WOULD HAVE SOMETHING ELSE
TO TELL YOU.
>> I AM NOT MAKING A CLAIM,
JUST A FACTUAL POINT THAT WAGE
GROWTH HONOR YEARLY BASIS IS
BEATING PRICE GROWTH AND HAS
BEEN FOR MIDDLE WAGE WORKERS
FOR 14 MONTHS IN A ROW.
NEIL: JUST TO BE CLEAR, YOU ARE
SAYING THAT IS NOT EXCEEDING
WHAT THEY ARE MAKING.
AMERICANS --
>> STOP THAT.
NEIL: STOP BUYING A NUMBER OF
ITEMS PRECISELY BECAUSE OF
THAT.
YOU ARE SAYING IT'S NOT THAT
BAD, YOU SOUND LIKE LET THEM
EAT CAKE.
THEY CAN'T AFFORD THE CAKE.
>> I STARTED THIS INTERVIEW BY
QUOTING THE PRESIDENT SAYING WE
KNOW FAMILIES ARE STRUGGLING
WITH HIGH PRICES, THAT'S WHY
OUR TOP PRIORITY --
NEIL: YOU DISMISS THE HIGH
PRICES.
ONLY LATELY HAS THE PRESIDENT
ACKNOWLEDGED THERE MIGHT BE A
PRICE PROBLEM.
>> LET ME ASK YOU AN IMPORTANT
QUESTION FOR YOU.
HERE IS GROCERY PRICE INFLATION
FOR THE LAST TWO MONTHS,
GROCERY PRICE INFLATION, 0%,
0%, NEGATIVE 0.
2%.
THAT'S THE LAST THREE MONTHS OF
GROCERY PRICE INFLATION.
MY QUESTION FOR YOU -- HAVE YOU
DONE A STORY ABOUT THIS?
NEIL: WE TALKED ABOUT --
>> A STORY ON THE DECLINE IN
GROCERY PRICES.
NEIL: YOU ARE TALKING ABOUT THE
RATE --
>> MINUS.
2.
NEIL: THE RATE OF INCREASE HAS
SLOWED.
YOU ARE NOT TALKING ABOUT THE
GAS GAINS IN DOUBLE-DIGIT.
YOU ARE ISOLATING A 3-MONTH
PERIOD.
PLEASE, THIS IS AN IMPORTANT
POINT.
I DON'T MEAN TO BUS MURCH YOU.
YOU'VE GOT TO ACKNOWLEDGE WHEN
YOU MAKE A BIG DEAL OF PRICES
THAT STOP SEARCHING OR HOLD
THEIR OWN AFTER THEY HAVE GONE
UP AT A DOUBLE-DIGIT RATE AND
CRAWL ABOUT THAT AS PROGRESS,
HALLELUJAH BUT FOR PEOPLE WHO
GO IN THE GROCERY STORE LINE
STEREO EXPERIENCE PRICES THAT
ARE NOW A LOT HIGHER THAN THEY
USED TO BE YOU ARE SAYING
ESSENTIALLY YOU ARE IMAGINING
IT, THEY ARE NOT IMAGINING IT.
>> THEY ARE NOT IMAGINING IT AT
ALL.
JACK: RIGHT THE LAST THREE
MONTHS --
>> YOU HAVE TO PAY ATTENTION TO
ME.
THANK YOU.
I STARTED THIS INTERVIEW BY
QUOTING THE PRESIDENT OF THE
UNITED STATES SAYING, QUOTE, WE
KNOW THAT FAMILIES ARE
STRUGGLING WITH PRICES THAT ARE
TOO HIGH, AND THEREFORE OUR TOP
AGENDA IS TO LOWER COSTS.
LAUREN: 1 SHOULD I BELIEVE IT?
WHEN HE DOESN'T BELIEVE IN
ACCURATELY TALKING ABOUT WHAT
INFLATION WAS WHEN HE TOOK
OFFICE?
WHY SHOULD I BELIEVE WHAT HE
SAYS NOW WHEN HE DOESN'T EVEN
KNOW WHAT IS HAPPENING WITH
INFLATION SINCE HE TOOK OFFICE.
>> LOOK WHAT HE HAS DONE ON
JUNK FEES.
AND PUT A MICROPHONE IN SOMEONE
WITH LOWER PRESCRIPTION DRUG
COSTS, AND SOME IN GETTING RID
OF THE AIRLINE JUNK FEES.
NEIL: --
>> I DON'T HAVE A NEWS STATION.
YOU ARE A NEWS STATION.
NEIL: THE DATA THAT SUPPORTS
THAT.
>> HOW ARE MY CHERRY PICKING
THE DATA?
I STARTED THIS INTERVIEW
TALKING ABOUT PEOPLE STRUGGLING
WITH PRICES THAT ARE TOO HIGH.
I THEN TOLD YOU A FACT THAT
APPARENTLY YOU ARE NOT GETTING
WHICH IS WAGES ARE BEATING
PRICES.
NEIL: IS THE PRESIDENT WHOSE
NOT GETTING THE INFLATION
THING.
THE PRESIDENT KEEP SAYING
INFLATION WAS AT 9% WHEN I TOOK
OFFICE.
THIS GETS TO THE PART OF THE
PROBLEM, IF THE PRESIDENT CAN'T
GET FACTS RIGHT, WHY WILL I BE
LEAVE ANYTHING ABOUT WHAT IS
GOING ON NOW?
>> WHEN THE PRESIDENT SAYS
FAMILIES ARE STRUGGLING WITH
PRICES THAT ARE TOO HIGH AND HE
HAS AN AGGRESSIVE A JUDGE TO
ADDRESS THAT, YOU SHOULD LISTEN
TO HIM TO THE EXTENT THAT HE
CAN PROVE THAT HE IS IMPLANTING
THAT AGENDA.
LET ME TALK ABOUT THAT.
WHEN IT COMES TO THE COST OF
INSULIN AND PRESCRIPTION DRUGS,
HE HAS PASSED LEGISLATION THAT
HAS LOWERED THOSE COSTS.
WHEN IT COMES TO JUNK FEES AND
ENTERTAINMENT AND AIRFARES,
BANKING, CREDIT CARDS, HE HAS
ACTIVELY LOWERED COST IN THOSE
AREAS.
NEIL: JUNK FEES CUT ON --
>> WHEN THE PRESIDENT --
NEIL: DOESN'T GET THE BIG
NUMBER.
>> LET ME FINISH.
GO BACK A YEAR OR TWO AND LOOK
WHAT GROCERY PRICES WERE DOING,
THEY WERE GROWING DOUBLE-DIGIT.
FOR THE LAST THREE MONTHS THEY
HAVE BEEN 0 OR NEGATIVE.
THAT'S NOT A VICTORY LAP.
TO COME TO YOUR QUESTION.
OUR FIGHT IS NOT OVER.
PEOPLE ARE STILL PAYING TOO
MUCH.
I WANT TO BE --
NEIL: THAT IS WHEN YOU WERE AT
9% AND WE ARE DOWN FROM THAT.
>> IF GROCERIES WERE UP THREE
MONTHS IN A ROW YOU WOULD HAVE
DONE A STORY ABOUT THAT.
THE FACT THAT THEY ARE FLAT OR
DOWN THREE MONTHS IN A ROW, I
URGE YOU TO ELEVATE THAT.
NEIL: IF YOU'RE UP 9, 10, 11,
12% IT IS NOT ONE THING TO HOLD
THOSE LEVELS, YOU'VE GOT TO
START BRINGING THOSE LEVELS
DOWN IN REVERSE.
>> AND THAT IS AN IMPORTANT
PART OF THE STORY THAT YOU
SHOULD TELL.
NEIL: I WOULD LOVE TO HAVE YOU
BACK.
MAYBE TALK TO THE PRESIDENT
ABOUT THE 9% THING AND WE ARE
OFF TO THE RACES BUT IT IS
ALWAYS GOOD HAVING YOU.
JARED BERNSTEIN ON THA
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