Biden Economic Czar Claims White House Is Reducing The Budget Deficit | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Jared Bernstein, a member of the Council of Economic Advisers under President Joe Biden, on Monday claimed that the White House has successfully led the charge against inflation and cut the budget deficit.

    Price levels between August 2021 and August 2022 rose 8.3%, according to data from the Bureau of Labor Statistics. Bernstein argued during an interview with Fox Business that the administration has recently seen progress in its attempts to quell rising prices and reduce the deficit.

    "One issue is, is the government stepping on the fiscal accelerator? That is, is government fiscal policy contributing to inflation, say, this year? And the answer, based on over $1 trillion of deficit reduction, is no," Bernstein told Fox Business host Martha MacCallum. "That doesn't negate the point that inflation is too high, which it is, and we're doing everything we can to help... the last couple of months have been a respite. And, of course, gas prices have been a real bit of breathing room for American consumers."

    The White House has repeatedly argued that its first budget proposal "cut the federal deficit" - the difference between government spending and government revenue - by $350 billion, and has projected that the second budget proposal will shave $1.3 trillion from the deficit. The administration has failed to note that deficit spending reached record highs in 2020 and 2021 because of various stimulus packages meant to combat the lockdown-induced recession.

    "You said a lot of that is just the spending falling off. That's definitely part of it," Bernstein acknowledged to MacCallum. "You're not wrong."

    The $350 billion improvement would represent a decrease from $3.1 trillion to $2.8 trillion, according to data from the Office of Management and Budget. After the federal government saves another $1.3 trillion, a figure calculated before the passage of the Inflation Reduction Act and President Biden's executive action on student loan cancellation, the United States will be left with a $1.5 trillion deficit - a level far higher than any deficit seen before 2020 or during the second term of President Barack Obama.

    The most recent inflation reading marked a decline from the 8.5% rate seen in July 2022 and the 9.1% rate seen in June 2022, although core inflation - which factors out food and energy prices - continued to increase. Regardless of the negative surprises, President Joe Biden claimed victory in the "essentially flat" prices.

    "It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy," the commander-in-chief said. "And my economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America."

    Meanwhile, a recent poll from Bankrate showed that Americans are receiving wage increases that fail to keep pace with inflation. While 48% of American workers enjoyed a pay raise in the past year, 21% found a higher-paying job, and 8% received both, as many as 39% of workers received neither - the lowest level in any prior iteration of the survey.

    However, only 39% of respondents who received a raise or a better-paying job reported income that allowed them to cope with rising consumer prices. A scant 33% of overall workers said their income has exceeded or kept pace with inflation over the past year.

poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

928 total vote(s)     What's your Opinion?

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poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?

poll#132

Considering that Joe Biden is considered by so many to be the Imposter President: Is he actually knowledgeable enough, wise enough, patriotic enough to be this Constitutional Republic's president at this difficult point in these tumultuous times?

  Yes, Mr. Biden is thoughtful and kind, and just so different from the "Orange Man".

  No, this representation of "president" is either too corrupt, too stupid, or both to be a real president.

  I just want the fun guy, who knew how to make stuff work back.

670 total vote(s)     What's your Opinion?