On Thursday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” White House Council of Economic Advisers Chair Jared Bernstein defended President Joe Biden’s repeated assertions that inflation was 9% by claiming that “the annual growth in core inflation in the second quarter of ’21 was, in fact, about 9%” and that Biden was making the point that “the factors that caused inflation to climb to 9% were in place when he took office.”
Host Neil Cavuto asked, “Jared, why does he keep saying that? You’re his top economic — you’re the head of the Council of Economic Advisers. Do you ever whisper in his ear, Mr. President, just to be technical about it, it wasn’t 9% when you assumed office, it was 1.4%. It got as high as 9% in 2022, you brought it down from that, but it was never, ever, ever 9% when he came into office? So, why does he keep saying it?”
Bernstein responded, “Well, first of all, let me point out that, in that very quote you played, the President talked about how concerned he was for households struggling with prices that he consistently –.”
Cavuto then cut in to ask, “That’s not what I asked you. Why does he keep misrepresenting this?”
Bernstein answered, “He’s making the point that the factors that caused inflation to climb to 9% were in place when he took office.”
Cavuto then cut in to ask, “No, that’s not what he said. He said it was at 9%. It would eventually get to 9% a little over a year after that. But the fact of the matter is it wasn’t 9%. So, if I can’t trust him quoting data in real-time, why should I believe what he’s talking about now?”
Bernstein responded, “So, the annual growth in core inflation in the second quarter of ’21 was, in fact, about 9%, and his point about inflation down 60% off its peak is very much the case –.”
Cavuto then cut in to ask, “No, it wasn’t. It was not at that. So, you’re almost as bad as he is. Why can’t you just say, it was high, it got as high as 9%, you would be accurate in saying that, and we have now brought it down and we’re struggling in around the 3% area, but it’s better than it was. But instead, to hang out on his predecessor that you inherited something that was through the roof when we were in the middle of COVID, it seems to the American people, whether you’re a Republican or a Democrat, you’re lying, you’re just lying.”
Bernstein responded, “Well, hold on. I hear you. The President was making the point that I think is unequivocally true, the factors that took inflation to 9% were in place when he took office.”
Cavuto then cut in to say, “That is not what he said, Jared, and you’re a very smart guy with this stuff. You could just whisper, and he’s a good friend of yours, obviously, he thinks the world of you, many others do as well, you could have just told him, Chief, I’ve got to tell you, Mr. President, whatever you say, you might even, in fact, call him Joe, that’s how close you are, and just say, sir, it was not 9%, stop it with the 9%, because the more you say that, the more people don’t believe what you’re saying.”
Bernstein responded, “Look, I think what the American people care most about is –.”
After Cavuto cut in to say that people care about the truth, Bernstein said, “The President was making the point that the factors that caused inflation were in place when he took office. And that’s unequivocally true. I take your point and we can have — we can go on all day back-and-forth on this. I think what matters today is, are we making progress on lowering costs, as well as lowering inflation, they’re not the same thing, lowering both inflation and costs on behalf of the American people. I think we saw a great CPI report yesterday in that regard, but that’s just one data point. No victory laps.”
The annual core inflation rates for the months in the second quarter of 2021 according to the CPI were 3.0% in April, 3.8% in May, and 4.5% in June. Annual core PCE was 3.1% in April, 3.4% in May, and 3.5% in June.
Follow Ian Hanchett on Twitter @IanHanchett
COMMENTS
Please let us know if you're having issues with commenting.