On Thursday’s spread of the Fox Business Network’s” Cavuto: Coast to Coast”, White House Council of Economic Advisers Chair Jared Bernstein stated that even with the latest GDP report, we “really have n’t seen many in terms of slow growth yet”. And the job market is “really what matters to people, you do n’t eat GDP, your paycheck matters most”.
Bernstein said,” We really have n’t seen much in terms of slow growth yet. Let’s talk about the job market, because that’s really what matters to people, you do n’t eat GDP, your paycheck matters most. And there, you’ve seen rise continuing to defy objectives to the bottom, stronger job figures than have been expected, and once, an unemployment rate that’s been below 4 % for over two decades. That’s generating genuine pay gains. On the GDP before, this leader has a 25- time history when it comes to real GDP growth. But, I believe one of the things you’re seeing in reports like the one this morning is a kind of downshifting that has to occur as you grow at a rapid speed out of the pandemic-induced recession. We must live up into more solid, robust growth, and I believe that’s one of the things you’re referring to. But in terms of growing at least at or above trend, if you look at at least the year- over- year measure, 3 % for this GDP, and the job market numbers I merely cited, the economy remains powerful, reliable, on a solid, stable path”.
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