WH’s Bernstein: Biden’s ‘on Extremely Solid Ground’ on Inflation and We’ll See Evidence Voters ‘Understood That’

On Thursday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Jared Bernstein said that he agrees with President Joe Biden’s vow to not change his policies and Biden “is on extremely solid ground” and “there’s going to come in some evidence from the election that people understood that.”

Bernstein stated, “I’m exactly where he is. I mean, again, if you look at the actions that we’ve taken to help ease inflationary pressures, I think there’s evidence that they are yielding results. We talked a little bit about energy, we’ve got more work to do there, but some of our work to increase the global energy supply, I think is showing some payback. If you look at our work on supply chains, where we’ve seen both legislative and non-legislative actions to help reduce the cost of moving goods around the world, whether it’s ocean shipping costs, airfreight costs, whether it’s those…maritime parking lot jams back in L.A. and Long Beach and those are behind us. Again, that’s work that we’ve engaged in with the private sector. We’ve seen — in housing, we’ve seen shelter prices come down. I think that’s a lot more to do with the Federal Reserve’s policy. But if you just sort of tick through the things that we said we would do, deficit reduction to help take our foot off the fiscal accelerator and complement the Fed’s monetary policy with complementary fiscal policy. I think if you look at all of our actions in this regard, and then you kind of connect them to, not just today’s print, but some of the trends in today’s print, I think the President is on extremely solid ground. And by the way, I think there’s going to come in some evidence from the election that people understood that.”

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