(NewsNation) — In Thursday’s State of the Union address, President Joe Biden outlined his economic vision, touting a post-pandemic economic recovery that doesn’t sacrifice job creation in order to tame inflation.
The most recent jobs report reaffirmed the resilience of the labor market, surpassing expectations.
However, despite this evidence, several polls indicate many Americans do not perceive the economy as robust overall or as beneficial to themselves and their families.
Jared Bernstein, chair of the White House Council of Economic Advisors, joined “On Balance” to discuss what needs to change between now and the November election so that people feel the economy is improving.
“One of the things we’ve seen in the past few months is that people’s feelings about the economy are actually picking up — and in some cases pretty quickly,” Bernstein said. “There’s a sentiment index that’s very closely watched, and it’s up 25% in the past three months.”
Bernstein said there is a lot more progress to be made there, but it’s “moving in the right direction.”
“On Balance” host Leland Vittert cited data from a new survey Scott Rasmussen conducted showing that certain demographics may perceive economic improvements while the sentiment among broader registered voters varies significantly.
“For many folks, they’re up from before the pandemic. If you look at earnings, for example, they’re up a couple of percent from where they were before the pandemic, in real terms after adjusting for inflation,” Bernstein said. “If you ask people about their financial conditions, yes, those numbers still have a ways to go, but they are improving.”
NewsNation reached out to the Center on Budget and Policy Priorities requesting the data Mr. Bernstein cited.
Bernstein defended the administration’s initiatives, citing benefits to Americans with middle to low incomes in rural areas, such as expanded broadband access, infrastructure improvements and efforts to lower prescription drug costs.
“If you actually go out and ask people about the granular accomplishments this president has made in areas that I just cited, particularly around lower costs, lower junk fees, for example, you’re seeing poll numbers that are in the 80s,” he said.
The president talked about cracking down on junk fees that can chip away at Americans’ budgets, and he criticized snack companies for “shrinkflation,” which means getting less product for the same price.
Bernstein stressed the importance of acknowledging these achievements when evaluating the administration’s economic performance.
The Associated Press contributed to this report.
