let's bring in Jared Bernstein chairman
of the president's Council of economic
advisors Jared thanks for joining us
it's good to see you this morning what
what is the message that you're bringing
us today as you do uh from all the the
president and all of his men what what
do you want to what point do you want to
make and then we'll talk about some of
the other men and women yeah uh yeah
well let's start with uh Jan who's a
great Economist I know you have Jan on
frequently he's a prize-winning
forecaster the reason he gave for the
markdown from 20 to 15 percent which by
the way 15 percent is the unconditional
probability of a recession at any given
time uh were three factors uh
encouraging news on inflation favorable
real income which of course is related
to encouraging news on inflation and
what uh they call over at Goldman uh the
closing of uh the job worker Gap meaning
kind of cooling in the labor market
realigning supply and demand so I think
the overall macro message from our space
is that binomics in action is helping
it's working it's helping to build the
economy from the bottom up in the middle
out and and the tight labor market
better realigned as Jan suggested the
tight labor market is now supporting
real wage gains that is Wages beating
prices that feeds into disposable income
consumer spending and you have this
virtual cycle that I think led to
Goldman's downgrade we had uh
couple of former Senators on Judd Greg
and Heidi heitkamp and I mentioned some
of the just some of the the things that
are out in the the morning papers Jared
and I guess you know I don't want you to
just shoot the messenger I guess the
journal and the the New York Post are
both uh Rupert Murdoch owned entities
that's probably the excuse that I always
hear but here's the cover of the
Washington Post Libor and day and he
just talked about how the president
constantly talks about cutting the
deficit when in fact it's going to be 2
trillion double last year and the cuts
that he did make are based on on cutting
from the pandemic level so it's kind of
disingenuous all that taken together
it leaves a very sour taste in most
people's mouths Jared if you do in it we
talk about it all the time you say
people if you ask them individually
about certain things they're more
optimistic but only one-third
consistently of Americans saying buy
into your contention that bionomics is
working so you got to come on you might
maybe you need to come on every day
because it's not working your message
well uh I uh I certainly don't have the
luxury of doing that but let me uh talk
a little bit about binomics and people
sentiment about it I think the polls
that you're reflecting are oftentimes
very much 30 or 40 000 feet up I'm not
discounting them by the way I know
they're real but I want to tell you a
little bit about some poll results that
ask about the specific components of
bidenomics okay 82 percent support
capping insulin costs for seniors at 35
a month 81 support giving Medicare the
power to negotiate for lower
prescription drugs which by the way is
now very much in the system and it's
helping to reduce the deficit the other
point you just raised it cuts the
deficit by 100 billion over 10 years 79
percent support providing tax incentive
to create more manufacturing jobs 800
000 manufacturing jobs since this
president has got here and some really
great investment indicators with
investment coming off the sidelines 77
support capping out of pocket costs on
prescription drugs that's also coming
into play now look my point is that you
can barely get Americans 80 percent of
Americans to agree on anything and here
they are line after line agreeing about
the importance of the components of
Dynamics so I think it's a inaccurate
now a not an inaccurate narrative to
declare that somehow binomics isn't
working or that it's not uh favorably
received by people when you drill down
into what it actually is