White House on When Prices Will Drop if Biden’s Re-Elected: We’ve Cut Some Costs

Jared Bernstein, the chairman of the White House Council of Economic Advisers, responded to a problem on Friday regarding how long it will take for prices to fall if Joe Biden is re-elected, stating that the economy has a strong job market, wages are rising above inflation, and that Biden has cut some costs.

Elaine Quijano, the host, posed the question,” But in terms of a time frame, Jared, if people try to look ahead and budget for things like groceries and those visible form of everyday goods, what should they be looking at if there is any kind of possible time frame in mind, if the President is re-elected, how long would it take for prices to drop”?

Bernstein responded,” Well, again, I think one of the things we can look at is numbers like those in the jobs report immediately. One of the things we saw in this job ]s ] report is that if you look at the share of women working in the workforce, the employment rate, that’s the highest it’s ever been, with data back to 1948. That is ]a ] historical record. We’ve talked about the history on the low employment. I think we also need to mention the fact that wages have been outpacing prices, true pay gains, for about 13 months in a row, on a yr- over- year basis. But, payments are going more. Therefore, to get right to the heart of your query, I believe you must inquire about who is fighting. This is a President who is constantly fighting to cut taxes on the middle class and to ensure that the rich and the corporations pay their fair share, aggressively going after junk fees, whether it’s credit card fees, airline fees, in entertainment, he’s having — making actual progress in cutting those junk fees, and of course, suddenly, on prescription drugs, on health care, on the cost of insulin, these are measures that are in effect, constantly lowering costs, that the other side wants to reverse”.