Staff Reports
In a recent appearance on Fox Business Network’s Cavuto: Coast to Coast, White House Council of Economic Advisers Chair Jared Bernstein was busy trying to put a positive spin on the latest GDP report. According to him, the White House is totally okay with it! Bernstein claimed that the economy looks great once you dig under the hood, and remove some of the more volatile components, such as consumer spending and investment. He emphasized that the “underlying economy is solid as ever.”
However, guest host Edward Lawrence wasn’t so quickly convinced. He pointed out that non-defense government spending had actually decreased from the previous quarter, suggesting that government spending might have been the driving force behind the GDP growth. Bernstein admitted that government spending plays a role, but he downplayed its significance, insisting that consumer spending is the economy's primary driver.
WH Chief Economic Gaslighter @econjared46: "You take out some of those more volatile components [from the GDP report] and … year-over-year, GDP is up 3 percent … Add in the very strong job market … and I think you understand the underlying economy is solid as ever.” pic.twitter.com/7jecfPKVpB
— Tom Elliott (@tomselliott) April 25, 2024
Despite the skeptics, Bernstein doubled down on his optimism, declaring that the GDP report is A-OK in his book. He highlighted the year-over-year GDP growth of 3%, and proudly touted that, under the president’s leadership, the average GDP growth rate has been about 3%, the highest seen in 25 years. Of course, he conveniently forgot to mention that this growth is largely due to the booming Trump-era economy that President Biden inherited.
Overall, Bernstein urged everyone not to get too caught up on one quarter’s data and reassured them that the economy is on track for steady, stable growth. It seems like the White House is doing its best to keep up the narrative that everything is hunky-dory, even if the numbers might not fully support it.
