Jared Bernstein, Chair of the Council of Economic Advisors for The White House joined On Point with Juandolyn Stokes to share the Biden Administration’s excitement over a recent Wall Street Journal article that reported that Americans are feeling better about the economy.
“Bidenomics has boosted consumer confidence. Consumer confidence shot up in December 14% and in January 2024 another 19%,” said Bernstein.
Bernstein did admit that while the economy is doing better, there have been some challenges as well.
One area that has not been challenged is unemployment. “The Black unemployment rate fell to its lowest on record.5.2 lowest in 2023,” added Bernstein.
Recently the White House announced an initiative to lower bank overdraft fees, and other junk fees like those charged by concert tickets, venues, and hotels.
If corporation costs are falling and you’re not passing it on to consumers, we gotta call you out, says Bernstein.
According to Bernstein, another effort the Biden Administration is proud of is their Medicare legislation, which offers bargains for seniors such as capping insulin cost at $35.00, and helping families with insurance costs.