White House economic adviser Jared Bernstein conceded that inflation is still “unacceptably elevated” and pushed for “more policy” Wednesday on “Your World.”
JARED BERNSTEIN: Is the car slowing down or is the car stopping? I’m in the slowdown camp. You’re worried about the stop camp. The president has talked about the importance of growth decelerating from the breakneck pace of 2021 – the V-shaped recovery that helped bring us probably the most welcoming labor market I’ve seen in my long professional career – to a more steady and stable growth rate. So at this point, people are definitely benefiting from that 40-cent decline at the pump. They’re still driving a lot. But gas prices, along with all these other categories, are still unacceptably elevated. And that’s why we need more policy. Now I’m not implying that the strategic reserve release is the only reason why the gas prices come down, but it is in the mix.
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