Looks like the White House is going to play the denial game about recession just as unwisely as it played the denial game about “transitory” inflation for far too long.
Now, as evidenced by the appearance of Jared Bernstein with Fox News hosts Bill Hemmer and Dana Perino, it is fairly clear that the Biden administration has opted for the same tired old tactic: doubling down on denial.
Bernstein, who serves on the White House Council of Economic Advisers, did his best to serve as a cheerleader for the ailing Biden administration while chatting with the conservative news hosts.
“Because the policies that we’re doing to help mitigate and ease price pressures are having effect. For example, look at the supply side of the economy. Supply chains, shipping costs, air freight costs are significantly down. Goods are getting to ship to shelf at the same level they did pre-pandemic,” Bernstein chirped.
The economic “advisor,” who is clearly better at cheerleading, went as far as to suggest inflation wasn’t that bad with creative verbal gymnastics.
“Now go into this report, the one that came out this morning, and look at goods inflation. It was flat if you take out energy. Now, you mentioned that energy prices went up in September. In fact, according to this month’s CPI, energy prices fell 2 percent in September, and gas prices fell,” Bernstein babbled.
The economic advisor prattled on to suggest that a recession may not be imminent, despite the fact that the economy already aligns with the technical definition of a recession, or two quarters of contracted growth.
“What the president said was that a recession is far from inevitable, and I think what he was referring to there is the strength of our job market. Look, you just don’t have a recession when you have a three and a half percent unemployment rate, and you’re adding hundreds of thousands of jobs from it, that’s just completely inconsistent with recession,” Bernstein brayed.
Right. Until those jobs start being continuously slashed, as big tech has already announced reductions in hiring or increases in future layoffs.
Not to mention the fact that Biden already began babbling about a “slight recession,” which is clearly as reassuring as “transitory inflation.”
As in, not reassuring at all.
Bernstein also informed Americans to not focus too much on an issue that the Federal Reserve chairman is clearly sounding major alarms about.
“Ask the question. Not, ‘Is inflation too high?’ The answer to that is unequivocally yes. Are policymakers doing everything they can in this White House to help bring them down? And I think you’d have to find that the answer is yes,” Bernstein declared.
The advisor doubled down on the Biden administration’s denial during another appearance as well, this time on “Fox News Sunday.”
“We have an unemployment rate that is 3.5%. There is no recession that would prevail with that kind of unemployment rate. We’re obviously adding hundreds of thousands of jobs per month. We have consumers who still have pretty strong balance sheets. We still have job vacancies,” Bernstein brayed, “we actually think the probability for a soft landing is good.”
Yeah. “Soft” is super relative in this context.
Bernstein was sure to add in insurance for himself over the course of his inane commentary as well, especially when he alluded to an uncertain future.
“Now, if you’re asking me to look around a corner and say where the economy is going to be, I got to tell you that everybody’s crystal ball is a bit cracked right now, and I think the uncertainty out there makes it tough,” Bernstein intoned.
And it’s pretty “certain” that the White House should start dealing with reality, rather than doubling down on denial.
Author: Jane Jones