Biden’s policies have boosted wealth for middle and lower income individuals: Jared Bernstein
President Biden’s Economic Adviser: Middle and Lower Income Classes Experience Increase in Net Worth
During an appearance on Fox News Sunday, Jared Bernstein, President Joe Biden’s top economic adviser, addressed concerns about the economy’s future. Despite recent polling data showing pessimism, Bernstein highlighted positive indicators such as increased spending during the holiday season and a rise in business startups over the past year.
White House Announces Kamala Harris’s Nationwide Tour in 2024
When asked about the potential impact of credit card debt on the president, Bernstein acknowledged the need to address the issue. However, he emphasized the significant increase in net worth and wealth among not only the wealthy but also middle and lower-income individuals, including communities of color. This rise in wealth has contributed to strong household balance sheets.
Last month, inflation rates decreased, with a 2.6% annual rate and a 3.2% year-over-year rate for core PCE inflation, which excludes volatile energy and food prices, according to the Federal Reserve.
Despite these positive developments, a recent Monmouth University poll revealed that nearly 70% of voters disapprove of President Biden’s handling of inflation, while only 28% approve.
Looking ahead to the 2024 presidential election, a majority of voters under 30 consider the economy the most significant issue facing the nation, with healthcare and education also cited as important concerns.
Click here to read more from The Washington Examiner.
How has credit card debt impacted President Biden, according to Bernstein, and what steps should be taken to address this issue?
President Biden’s Economic Adviser, Jared Bernstein, recently made an appearance on Fox News Sunday to address concerns about the future of the economy. Despite recent polling data showing pessimism, Bernstein pointed out several positive indicators that suggest a promising economic outlook. He highlighted increased spending during the holiday season and a rise in business startups over the past year.
One of the concerns raised during the interview was the potential impact of credit card debt on the President. Bernstein acknowledged the need to address this issue but emphasized the significant increase in net worth and wealth among not only the wealthy but also middle and lower-income individuals, including communities of color. This rise in wealth has contributed to strong household balance sheets.
Inflation rates have also been showing positive signs. Last month, there was a decrease in inflation rates, with a 2.6% annual rate and a 3.2% year-over-year rate for core PCE inflation, which excludes volatile energy and food prices, according to the Federal Reserve.
However, despite these positive developments, a recent poll conducted by Monmouth University revealed that nearly 70% of voters disapprove of President Biden’s handling of inflation, while only 28% approve.
Looking ahead to the 2024 presidential election, a majority of voters under 30 consider the economy the most significant issue facing the nation. Healthcare and education are also cited as important concerns.
While concerns about the economy persist, President Biden’s economic adviser remains optimistic, pointing to positive indicators such as increased spending and a rise in business startups. Whether these positive developments can outweigh concerns about inflation and other economic challenges remains to be seen.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
