White House on Majority of Americans Living Paycheck-to-Paycheck: Wages Only Started Outpacing Infla

[mystery-ak]

White House on Majority of Americans Living Paycheck-to-Paycheck: Wages Only Started Outpacing Inflation Recently

Ian Hanchett 31 Aug 2023

On Thursday’s broadcast of MSNBC’s “Katy Tur Reports,” White House Council of Economic Advisers Chair Jared Bernstein responded to a majority of Americans saying they’re living paycheck-to-paycheck and those who aren’t feeling the economy improving by acknowledging that “it’s early days for those wage gains,” and so he’s “very sympathetic to the idea that people need to see them continue, and I think if the job market stays tight, they will.”

Guest host Alex Witt asked, “[A]s you know, a majority of Americans still say they are living paycheck-to-paycheck. So, what is the message to those people who don’t really personally feel the economy improving, despite the White House’s messaging?”

Bernstein responded, “Well, I think there, we have to consider what we’ve been talking about in terms of current events, where we have, again, a strong labor market supporting consumer spending and real wage gains. But it’s early days for those wage gains, by the way. So, I’m very sympathetic to the idea that people need to see them continue, and I think if the job market stays tight, they will. But I think we also need to look around the corner. You see a president that is working day in and day out on behalf of the American people. The prescription drug announcement that came out earlier this week, it’s going to help the incomes of millions of seniors by allowing them to spend less on prescription drugs. This morning, we announced a proposed overtime rule, so that people could get fair overtime pay on the job, and, of course, there’s the deep investment agenda behind Bidenomics, which is supporting manufacturing across this country in rural areas, in urban areas, in blue states, in red states. So, we believe that the current dynamics in the economy are moving in the right direction, but we’re planting the speeds for a more prosperous future as well.”

https://www.breitbart.com/clips/2023/08/31/white-house-on-majority-living-paycheck-to-paycheck-wages-only-started-outpacing-inflation-recently/

[libertybele]

Bidenomics -- and who really believes that it's working???

[mystery-ak]

White House: Spending Growing Faster Than Income Due to Falling Inflation with Strong Labor Market, Not Inflation

Ian Hanchett31 Aug 2023196
1:37

On Thursday’s broadcast of “CNN News Central,” White House Council of Economic Advisers Chair Jared Bernstein stated that personal spending growing higher than personal income isn’t due to inflation, it’s due to the “strong labor market.” And that real wage growth is due to the labor market combined “with consistently easing inflation.” And “As real wages grow, consumers are able to go out there into the market and get what they want and what they need.”

Co-host Brianna Keilar asked, “[W]ith these new numbers showing personal spending growing at a much higher rate than personal income, what do you attribute that [to]? Is that inflation? Do you attribute that directly to inflation?”

Bernstein responded, “No. In fact, I attribute that to the strong labor market. We have a very strong labor market, as you well know, unemployment below 4% for a year and a half, and now we’re seeing real wage gains. Again, this is the interaction of that labor market I just described with consistently easing inflation. As real wages grow, consumers are able to go out there into the market and get what they want and what they need. Now, we’re an almost 70% consumer spending economy. So, as long as the job market stays tight and people are getting real wage gains, we should expect to see solid numbers, as we did this morning, in that regard.”

more
https://www.breitbart.com/clips/2023/08/31/white-house-spending-growing-faster-than-income-due-to-falling-inflation-with-strong-labor-market-not-inflation/

[mountaineer]

Bidenomics -- and who really believes that it's working???

Only this idiot.
BIDEN: "Bidenomics ... it's working!"

https://twitter.com/RNCResearch/status/1697645853077557328

BIDEN: "The unemployment rate has been below 14% for the last 19 months!"

https://twitter.com/RNCResearch/status/1697645405037810084

[Hoodat]

https://twitter.com/RNCResearch/status/1697648101924938168