Citing Inflation Spike, Alabama Senator Says Biden's Chair on Council of Economic Advisers Should Be Fired
Alabama Senator Katie Britt (R) criticized the monetary policy of Joe Biden's administration at a hearing of the Senate Committee on Banking, Housing, and Urban Affairs. During the hearing, Britt questioned Dr. Jared Bernstein, President Biden’s nominee to be Chairman of the Council of Economic Advisers (CEA), on his steadfast support for the Biden Administration’s economic agenda items.
Senator Britt noted previous statements by Dr. Bernstein downplaying inflation by claiming it was merely “transitory.” Responding to Senator Britt’s questioning, Dr. Bernstein today asserted that categorizing inflation as “transitory” was “correct” but “too ambiguous.” Bernstein would not say that the term “transitory” should not have been used by the Administration, but he did admit after being pressed that persistently high inflation has lasted longer than the Administration anticipated when they first used the “transitory” messaging.
“The last thing the American people need is a continuation of crushing inflation,” Britt said. “Instead of owning up to this Administration’s failures and committing to a course correction, Dr. Bernstein used his testimony today to deflect blame, shirk responsibility, and even claim that this economy is a success. This is a stark departure from the harsh reality facing hardworking Alabamians around their kitchen table every day. Since President Biden took office, inflation is up 15.4%. As a mom of two school-aged children, I see this firsthand every time I walk the aisles at the grocery store or fill up at the gas pump: grocery prices are up nearly 20%, while energy costs are up 36%. Simply put, the American Dream is slipping further and further out of reach. Dr. Bernstein made it clear today that we can only expect more of the same under his counsel. He should be fired, not promoted.”
According to a news release from Britt's office, real wages have fallen for 24 consecutive months, while rising prices have cost the typical household approximately $10,000 in the same time span. In 2022 alone, real disposable income fell more than $1 trillion nationwide, the largest drop since 1932. At the end of the day, there is a clear reason why just 16% of Americans consider economic conditions “excellent” or “good,” while 72% of the population thinks economic conditions are getting worse and 58% of Americans are living paycheck to paycheck.
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