Jared Bernstein has once again demonstrated his complete ignorance of both economic theory and fact – an alarming trait for the chairman of the Council of Economic Advisers. In his attempts to defend the abysmal record of “ Bidenomics ,” Bernstein is resorting to misrepresenting data and making false statements. That does nothing to ease the financial pain of the middle class. Worse, Bernstein’s economically illiterate statements are dismissive of the plight the Biden administration helped inflict on Americans.
A prime example is Bernstein’s whitewashing of our nation’s burgeoning credit card debt, which has surpassed $1 trillion for the first time. Even as interest rates soar, Americans are increasingly relying on credit cards to make ends meet. But when confronted with these facts, Bernstein claimed that the financing costs for consumers have declined relative to disposable personal income, which is not true.
Both credit card debt and the interest […]
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