{"id":2238182,"date":"2024-05-06T08:55:04","date_gmt":"2024-05-06T12:55:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-economic-adviser-tries-and-fails-to-explain-monetary-policy-some-of-the-language-and-concepts-are-just-confusing\/"},"modified":"2024-05-06T09:01:22","modified_gmt":"2024-05-06T13:01:22","slug":"biden-economic-adviser-tries-and-fails-to-explain-monetary-policy-some-of-the-language-and-concepts-are-just-confusing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-economic-adviser-tries-and-fails-to-explain-monetary-policy-some-of-the-language-and-concepts-are-just-confusing\/","title":{"rendered":"Biden Economic Adviser Struggles with Explaining Monetary Policy &#8211; &#8216;Complex Language and Concepts Are a Challenge"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-economic-adviser-tries-and-fails-to-explain-monetary-policy-some-of-the-language-and-concepts-are-just-confusing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2238182&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The text \u200bprovides insights into Jared Bernstein, the\u200c Chairman\u200c of the U.S.\u200d Council of Economic Advisers under \u2064President Joe\u2063 Biden, discussing his views \u200don <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-democrats-craft-new-economic-agenda-as-they-seek-to-boost-vulnerable-incumbents\/\" title=\"House Democrats create new economic plan to support at-risk incumbents.\">economic \u2064policies<\/a>, including the \u2063modern\u200d monetary \u200btheory (MMT). Bernstein&#8217;s struggles to \u2064articulate concepts \u2064related to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-found-economy-is-recovering-much-faster-than-officials-expected\/\" title=\"Fed Found Economy Is Recovering Much Faster Than Officials Expected\">monetary policy<\/a> \u2062are highlighted, \u2062sparking debates on the \u2062effectiveness of the administration&#8217;s economic strategies.\u2063 The commentary raises questions \u2062about\u200c the clarity \u200cand\u2064 understanding of economic principles within the current administration.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/cillianzeal\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/cillianzeal\/%20\"><span>C. Douglas Golden<\/span><\/a> <\/span> <span>   May 6, 2024 at 4:04am <\/span> <\/span>  <\/header>\n<section>\n<p>Jared Bernstein is President Joe Biden\u2019s chairman of the U.S. Council of Economic Advisers. This is, in its own way, strangely fitting.<\/p>\n<p>It\u2019s not because Mr. Bernstein is a sterling representative of \u201cBidenomics\u201d \u2014 the <a href=\"https:\/\/www.westernjournal.com\/dollar-tree-family-dollar-closing-1000-stores-bid-survive-bidenomics\/\" target=\"_blank\" rel=\"noopener\">catchall term<\/a> for an economic program the president swears is working and\u00a0 the American public keeps telling pollsters isn\u2019t.<\/p>\n<p>Maybe not surprisingly, the 68-year-old Bernstein was confirmed as chairman in 2023 after a long history of applying liberal economic policies in academia, in think tanks and in Democratic administrations.<\/p>\n<p>That being said, he\u2019s not exactly a far-leftist, having been a critic of <a href=\"https:\/\/www.westernjournal.com\/exclusive-interview-economist-stephen-moore-sits-shaun-hair\/\" target=\"_blank\" rel=\"noopener\">modern monetary theory<\/a> \u2014 the current progressive economic vogue which basically posits (in elevator pitch form) that federal deficits aren\u2019t really a problem, since government can print all the money it wants, and inflation also isn\u2019t a problem, since governments can subsequently tax that money out of circulation if need be.<\/p>\n<p>In a <a href=\"https:\/\/web.archive.org\/web\/20230207191101\/http:\/\/jaredbernsteinblog.com\/questions-for-the-mmters\/\" target=\"_blank\" rel=\"noopener\">2018 post<\/a> on his personal blog, Bernstein asked for an open dialogue with MMT proponents based on what he saw as some faults with the idea \u2014 including taxation being a poor mechanism for dealing with inflation, the independence of the Federal Reserve, and issues with bond sales to investors who may not be entirely pleased with a government that feels entitled to print and spend as it pleases.<\/p>\n<p>Enter Stephanie Kelton, a prominent MMT proponent.<\/p>\n<p>She\u2019s a <a href=\"https:\/\/stephaniekelton.com\/press-kit\/\" target=\"_blank\" rel=\"noopener\">professor<\/a> at Stony Brook University and senior fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research, both in New York. She\u2019s also behind an upcoming documentary that seeks to popularize MMT called \u201cFinding the Money.\u201d<\/p>\n<p>The trailer is below:<\/p>\n<p> <iframe loading=\"lazy\" title=\"Finding the Money OFFICIAL TRAILER\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/R47h_ux-nE8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>If you watch the trailer, you can probably tell that if you\u2019re a conservative\u00a0 \u2014 or a moderate, or even an orthodox liberal \u2014 you probably aren\u2019t going to be in agreement with her or the talking heads she\u2019s assembled, try as they might to convince you.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Are the people in control of our economy aware of what they\u2019re doing?<\/p>\n<\/p><\/div>\n<p>However, between Kelton\u2019s documentary and Bernstein\u2019s open challenge to MMT proponents to respond to his problems with the theory, we come to the viral clip from the film that proves why Mr. Bernstein is indeed a strangely fitting choice for a president whose economic policy is essentially a ship with empty sails that travels wherever the prevailing winds in the Democratic Party blow it.<\/p>\n<p>In the film, Bernstein confidently asserts that \u201cthe\u00a0U.S. government can\u2019t go bankrupt, because we can print our own money.\u201d<\/p>\n<p>\u201cIt obviously begs the question: Why exactly are we borrowing in a currency that we can print ourselves?\u201d Kelton asks, in a talking-head voiceover, asks.<\/p>\n<p>Let\u2019s leave aside Kelton\u2019s colloquial misuse of the \u201cbegging the question\u201d logical fallacy, because the word salad that subsequently dribbles out of <a href=\"https:\/\/www.westernjournal.com\/flashback-biden-says-long-term-inflation-highly-unlikely-wall-street-said\/\" target=\"_blank\" rel=\"noopener\">Mr. Bernstein\u2019s<\/a> mouth is much funnier \u2014 and quite a bit more frightening, at the same time \u2014 than nitpicking at the ongoing <a href=\"https:\/\/www.merriam-webster.com\/grammar\/beg-the-question\" target=\"_blank\" rel=\"noopener\">debasement of the English language<\/a>:<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">This is Jared Bernstein, the man who sets economic policy for the Biden administration. Asked why the US government borrows money if it can print its own money:<\/p>\n<p>\u201cI can\u2019t really\u2026 I don\u2019t get it. I don\u2019t know what they\u2019re talking about.\u201d<\/p>\n<p>You are doomed. <a href=\"https:\/\/t.co\/3MT7lvQFo5\">pic.twitter.com\/3MT7lvQFo5<\/a><\/p>\n<p>\u2014 Ian Miles Cheong (@stillgray) <a href=\"https:\/\/twitter.com\/stillgray\/status\/1786627373070454939?\">May 4, 2024<\/a><\/p>\n<\/blockquote>\n<p>After Kelton asks him the question on camera, this is what we get: \u201cWell, um, the, uh, so the \u2014 I mean, again, some of this stuff gets \u2014 some of the language that the MM \u2026 some of the language and concepts are just confusing,\u201d he said.<\/p>\n<p>You\u2019re telling me. However, to use a phrase famously applied to Massachusetts Sen. Elizabeth Warren, MMT\u2019s <a href=\"https:\/\/www.westernjournal.com\/socialist-warren-defends-massive-spending-literally-says-always-money\/\" target=\"_blank\" rel=\"noopener\">most visible champion<\/a> in the Senate: Nevertheless, he persisted.<\/p>\n<p>\u201cI mean, the government definitely prints money and it definitely lends that money,\u201d Bernstein said. \u201cWhich is why, uh, uh, the government definitely prints money and it lends that money by uh \u2014 by selling bonds,\u201d he says \u2014 then literally asks himself, aloud: \u201cIs that what they do?\u201d<\/p>\n<p>He decides that the answer is yes. \u201cThey, um, they, yeah, they, they, um, they sell bonds. Yeah. They sell bonds, right? Since they sell bonds and people buy the bonds and lend them the money. Yeah,\u201d he continues.<\/p>\n<p>\u201cSo, a lot of times, a lot of times \u2014 at least to my ear with MMT \u2014 the language and the concepts can be kind of unnecessarily confusing, but there is no question that the government prints money and then it uses that money to um, uh, uh, uh \u2014 so, um, yeah \u2026 I guess I\u2019m just, I don\u2019t, I can\u2019t really talk \u2014 I don\u2019t, I don\u2019t get it.<\/p>\n<p>\u201cI don\u2019t know what they\u2019re talking about, like, cause, it\u2019s like, the government clearly prints money,\u201d Bernstein said. \u201cIt does it all the time, and it clearly borrows. Otherwise we wouldn\u2019t be having this in \u2014 this conversation. I don\u2019t think there\u2019s anything confusing there.\u201d<\/p>\n<p>No, nothing confusing there whatsoever. <a href=\"https:\/\/twitter.com\/jj_talking\/status\/1787269036281384993\" target=\"_blank\" rel=\"noopener\">Corn Pop<\/a> was a bad dude. I think he got <a href=\"https:\/\/www.westernjournal.com\/biden-claims-cannibals-ate-uncle-military-records-tell-different-story\/\" target=\"_blank\" rel=\"noopener\">eaten by cannibals<\/a>, though. <a href=\"https:\/\/www.westernjournal.com\/watch-biden-another-jackie-moment-calls-democrat-wrong-name-4-times\/\" target=\"_blank\" rel=\"noopener\">Where\u2019s Jackie<\/a>?<\/p>\n<p>Now, again, you don\u2019t have to agree with the economic ignorance of the woman who cornered Jared Bernstein to agree that Jared Bernstein appears to be <em>even more ignorant <\/em>about the basic principles of printing and spending money. (That\u2019s assuming, of course, that the clip is a fair representation of Bernstein\u2019s answer and not some AI manipulation or a hatchet job of malicious editing. Given the context, thought, that would be an awful a lot of malicious editing.)<\/p>\n<p>And those at 1600 Pennsylvania Ave. wonder why America doesn\u2019t trust the Biden administration on <a href=\"https:\/\/www.westernjournal.com\/bidens-war-everyday-americans-continues-inflation-90-feds-goal\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a>, <a href=\"https:\/\/www.westernjournal.com\/new-jobs-numbers-come-lower-expected-unemployment-rate-rises\/\" target=\"_blank\" rel=\"noopener\">jobs<\/a> or the economy.<\/p>\n<p>And it\u2019s worth noting that, as <a href=\"https:\/\/www.foxbusiness.com\/politics\/white-house-economic-adviser-struggles-with-question-on-monetary-policy\" target=\"_blank\" rel=\"noopener\">Fox Business News<\/a> pointed out, Bernstein\u2019s academic background isn\u2019t exactly strong on economics.<\/p>\n<p>\u201cHe earned a bachelor\u2019s degree in music from the Manhattan School of Music, as well as a master of social work from Hunter College and a doctorate of social work from Columbia University,\u201d Fox Business reported Saturday.<\/p>\n<p>Why does America borrow money that it prints itself with the intention of paying it back? The answer should be simple: Because the international system of fiat currency would collapse if there wasn\u2019t some check on the amount of currency being printed \u2014 be it an <a href=\"https:\/\/www.westernjournal.com\/federal-reserves-latest-announcement-delivers-killer-blow-bidens-re-election\/\" target=\"_blank\" rel=\"noopener\">independent central bank<\/a>, the value of that currency against other currencies and\/or commodities, or both. Next question.<\/p>\n<p>The idea that money represents value (and the more of it that\u2019s circulating, the less it tends to be worth) is essentially an alien concept to the MMT crowd \u2014 but at least this is a feature, not a bug, in their curious economic worldview.<\/p>\n<p>Here, the chairman of the U.S. Council of Economic Advisers essentially admits the same thing. He can\u2019t say <em>why<\/em> this is, however, at least in this clip \u2014 in fact, he can\u2019t even assay a substantive response to Kelton aside from \u201cit\u2019s like, the government clearly prints money\u201d \u2014 but, at the bottom of that word salad is a very nasty bug in his view of how the world works.<\/p>\n<p>In other words, this is the perfect economic adviser to our 46th president, albeit for all the wrong reasons. If Jared Bernstein didn\u2019t exist, you get the feeling that <a href=\"https:\/\/www.westernjournal.com\/bidens-handler-seems-remember-something-important-halfway-marine-one-cameras-catch-subtle-change\/\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> might have to invent him.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>I heard a chilling comment the other day: \u201cWe don\u2019t even know if an election will be held in 2024.\u201d <\/span><\/i><\/p>\n<p><i><span>That wasn\u2019t said by a conspiracy theorist or a doomsday prophet. No, former U.S. national security advisor Lt. Gen. Michael Flynn said that to the founder of The Western Journal, Floyd Brown.<\/span><\/i><\/p>\n<p><i><span>Gen. Flynn\u2019s warning means that the 2024 election is the most important election for every single living American. If we lose this one to the wealthy elites who hate us, hate God, and hate what America stands for, we can only assume that 248 years of American history and the values we hold dear to our hearts may soon vanish.<\/span><\/i><\/p>\n<p><i><span>The end game is here, and as Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>All of this means that <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without you<\/span><\/i><\/a><i><span>, it\u2019s over. We have the platform, the journalists, and the experience to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-rises-as-he-promises-hes-only-begun-to-fight-put-on-full-armor-of-god-to-fight-the-left\/\" title=\"DeSantis Rises As He Promises He\u2019s \u2018Only Begun To Fight\u2019: \u2018Put On Full Armor Of God\u2019 To Fight The Left\">fight back hard<\/a>, but Big Tech is strangling us through advertising blacklists, shadow bans, and algorithms. Did you know that we\u2019ve been blacklisted by 90% of advertisers? Without direct support from you, our readers, we can\u2019t continue the fight.<\/span><\/i><\/p>\n<p><i><span>Can we count on <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>your support<\/span><\/i><\/a><i><span>? It may not seem like much, but a <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Western Journal Membership<\/span><\/i><\/a><i><span>  can make all the difference in the world because when you support us directly, you cut Big Tech out of the picture. They lose control. <\/span><\/i><\/p>\n<p><i><span>A monthly Western Journal Membership costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>We are literally counting on you because without our members, The Western Journal would cease to exist. Will you <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  in the fight? <\/span><\/i><\/p>\n<p><i><span>Sincerely,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>The Western Journal<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44670\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/cillianzeal\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44670\">Summary<\/label><label for=\"more-info-tab-radio-44670\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44670\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44670\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>C. Douglas Golden is a writer who splits his time between the United States and Southeast Asia. Specializing in political commentary and world affairs, he&#8217;s written for Conservative Tribune and The Western Journal since 2014.<\/p>\n<\/p><\/div>\n<div>\n<p>  C. Douglas Golden is a writer who splits his time between the United States and Southeast Asia. Specializing in political commentary and world affairs, he&#8217;s written for Conservative Tribune and The Western Journal since 2014. Aside from politics, he <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-leaves-for-delaware-as-russians-prepare-to-take-kyiv\/\" title=\"Joe Biden Leaves for Delaware as Russians Prepare to Take Kyiv\">enjoys spending time<\/a> with his wife, literature (especially British comic novels and modern Japanese lit), indie rock, coffee, Formula One and football (of both American and world varieties). <\/p>\n<p>  Birthplace <\/p>\n<p>  Morristown, New Jersey <\/p>\n<p>  Education <\/p>\n<p>  Catholic University of America <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English, Spanish <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  American Politics, World Politics, Culture <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a commentary by C. Douglas Golden on May 6, 2024, at 4:04 am, Jared Bernstein, the Chairman of the U.S. Council of Economic Advisers under President Joe Biden, is discussed. Bernstein&#8217;s role as a representative of &#8220;Bidenomics&#8221; is noted, reflecting on the economic program advocated by the president<\/p>\n","protected":false},"author":663,"featured_media":2238183,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/jared-bernstein-for-may-6-2024.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2238182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/jared-bernstein-for-may-6-2024.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2238182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/663"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2238182"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2238182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2238183"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2238182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2238182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2238182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}