National Economy Council directory Brian Deese said Sunday on NBC’s “Meet the Press” that disposable income for a typical family is “actually up about 2%” when asked about soaring inflation.
Anchor Chuck Todd said, “I want to put up here, yes, we have an economic recovery, but inflation is now outstripping the wage gains. Year over year wages up nearly 5%, but the inflation basically eats all of it and then some. We’re starting to see some eating into savings. So you talk about the supply chain issue. Let’s start with the labor market. We have a massive problem in the labor market. Some of it is COVID-related. Some of it, we need more workers. is it time to open the immigration door?”
Deese said, “I’m glad you made the point about wages. There’s more to that statistic than meets the eye. If you look at the strong wage gains that have happened plus the direct support we’ve provided to families, checks in pockets, the disposable income is up about 2% even after you take into account inflation which is why we’ve seen checking account balances go up and credit card balances come down over the course of the year. That doesn’t reduce the frustration anymore when somebody is going to the gas station, and they see prices go up, but it does mean we are well-positioned to try to address these challenges going forward.”
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