Posted on 04/26/2024 6:52:18 AM PDT by ChicagoConservative27
On Thursday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” White House Council of Economic Advisers Chair Jared Bernstein stated that even with the latest GDP report, we “really haven’t seen much in terms of slow growth yet.” And the job market is “really what matters to people, you don’t eat GDP, your paycheck matters most.”
Bernstein said, “We really haven’t seen much in terms of slow growth yet. Let’s talk about the job market, because that’s really what matters to people, you don’t eat GDP, your paycheck matters most. And there, you’ve seen growth continuing to defy expectations to the upside, stronger job numbers than have been expected, and again, an unemployment rate that’s been below 4% for over two years. That’s generating real wage gains. On the GDP front, this president has a 25-year record when it comes to real GDP growth. So, I think probably one thing you may be referring to is a kind of downshifting that has to happen as you grow at a breakneck pace out of the pandemic-induced recession, we have to settle back into more steady, stable growth, and I think that’s one of the things you’re seeing in reports like the one this morning. But in terms of growing at least at or above trend, if you look at at least the year-over-year measure, 3% for this GDP, and the job market numbers I just cited, the economy remains strong, solid, on a steady, stable path.”
(Excerpt) Read more at breitbart.com ...
If paychecks went up X, and people spent X-c, then GDP should go up by at least that much.
I mean foundationally I agree. I don’t like GDP as a measure of wealth and prefer when we used GNP. And if you are looking at GDP the bare number is worthless and I notice politicians don’t want to talk about GDP per capita.
Have a friend who grew up in Belarus. He would get up at 2 to stand in line for bread. Freaking bread!
They didn’t know how to make tortillas.
I can see it. But many Americans can’t. It is outside their imagination.
We make our own
“you don’t eat GDP, your paycheck matters most.”
When people are running up credit card debt to be able to put food on the table, the whole economy matters.
When the federal government is borrowing, printing, and spending money beyond what the GDP can sustain it matters a lot.
that makes no sense. You cant eat your paycheck either.
Marie Antoinette Bernstein
If the food were shoplifted, GDP wouldn’t go up at all.
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