CNBC host Joe Kernen called out Biden economic adviser Jared Bernstein on Monday for continuing to blame Russian President Vladimir Putin for rising gas prices.
Kernen pressed Bernstein on inflation and overstimulation by the Federal Reserve and the American Rescue Plan resulting in the worst financial opening to a calendar year since 1970. He pointed to Biden’s low approval ratings and said that he is surprised 70% of Democrats still approve of his job performance.
Bernstein said the nation has the “strongest labor market in generations” with 375,000 job openings per month and high wages. He credited the American Rescue Plan with the rising benefits in the job market and argued that inflation is caused by “strong demand and supply” and Putin’s invasion of Ukraine.
“The Putin Price Hike is very much in the mix and that remains a strong constraint weighing on both the real economy and the markets,” he said.
“You guys gotta patent that,” Kernen said. “Trademark it, that ‘Putin Price Hike.’ You guys all use it again and again and again, and you’re at 33% approval at this point, Jared, so I don’t know.”
Bernstein cited a Morning Consult/CNBC poll saying that 66% of respondents making $100,000 or more are either “about the same” or “better off” than they were a year ago. A total of 42% of people say they are about the same, 24% are better off and 34% said they are “worse off.”
Kernen credited the nation coming out of a global pandemic as reasoning for many feeling “better off.”
“I’ll feel a little better off about that than anything,” Kernen said.
This is an excerpt from the Daily Caller.
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