Biden Adviser on Market Dive: ‘Focus on the Real Economy,’ Reaction to U.K. Policy Is Worse Than Reaction to U.S. Policy

On Friday’s broadcast of the Fox News Channel’s “Your World,” Biden Senior Adviser Gene Sperling responded to the poor performance of the stock market on Friday by urging focus on “the real economy,” and said that if you want to see “bad reactions” to economic policies, “you’re seeing a lot of reaction to what was announced in the U.K., not about anything that happened in the United States.”

Host Neil Cavuto asked, “Gene, I know the President likes to say he doesn’t look at the markets like his predecessor obsessed with the markets. But you think now and then he should?”

Sperling answered, “I think you should always have your focus on the real economy, what’s happening with jobs, what’s happening with investment. Those are the things you have to put your focus on.”

Cavuto then cut in to ask, “But Wall Street — you’re not saying Wall Street’s not real, right? I mean, it reflects layoffs. It reflects Fed acts and seeing a slowdown. It’s real. It’s not fake, right?”

Sperling responded, “I don’t think you make policy based on the day-by-day gyrations of the market. And by the way, I think if somebody was trying to look for bad reactions to what I think are more of the kind of trickle-down, supply-side type of policies of the past, you’re seeing a lot of reaction to what was announced in the U.K., not about anything that happened in the United States.”

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