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Dear John,
I’m pleased to bring you a special video this week. I had a chance to meet with my old friend and colleague from 30 years ago, Jared Bernstein. Jared is now the chair of President Biden’s Council of Economic Advisors. We had lots to talk about!
With inflation down 60% from a year ago, a GDP that grew 4.9% last quarter, and unemployment under 4% for the last 20 months, I ask Jared, why are Americans still expressing so much pessimism? His comments are insightful and optimistic.
To see our full conversation, click here, and please do share this video with someone you know that wants to know more about the current state of our economy and where it’s headed!
The big picture is that real wages are rising, in many cases surpassing inflation. Soon Americans will be noticing the increases in their purchasing power.
Jared and I agreed that Bidennomics represents a fundamentally different philosophy from previous Democratic administrations. As Jared said, “If labor is flexing its muscle, that empowers workers in a way that’s good for them, good for their communities, and good for the overall economy.”
It’s crucial to think not just in terms of what is good for consumers, which is of course important, but also what is good for workers. “Middle out, bottom up” works: when the middle class gets a fair share of the pie they’re helping to bake, that makes a stronger economy for us all.
Click on the link above to see the full 15-minute YouTube version of our conversation; or, for a 4-minute highlight reel, click here to check us out on Instagram.
We look forward to seeing your thoughts in the comments!
Robert Reich
Inequality Media Civic Action
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