white house economic advisinger jared bernstein joins me now. thanks for coming on. we appreciate it instead of, as peter was talking about trying to redefine recession, why not just acknowledge that most americans are having a hard time and commit to fixing it? >> yeah, when the president talks about inflation, he very much is speaking in that spirit. he talks about the current inflation as unacceptably high. he talks about that as his number 1 domestic priority. trust me when i tell you, he dispatches his team to do all we can to help. and there's areas of the economy where we've actually seen some improvement somehow. but we have to do more. gas prices are now down about 77 cents per gallon. if you're a family with a couple drivers, that can amount to $80 in savings. it's about $270 million per day aggregated. it's not a victory lap. we have to to more. one part of that decline in the gas price, it's a global price a lot that goes in to it, has to do with this president's release of oil from the strategic reserve. we're doing all we can. many other measures -- >>

joining us here in washington, white house economic advisor jared bernstein. u for being with us on "fox news sunday." >> jared: my pleasure, shannon. >> shannon: it's been almost a year to the day since president biden last year said that no serious economists thought that we would enter a period of unchecked inflation. we were at 5.4% then, we are at 9.1% as of this week. how to the white house get this all wrong? >> jared: that actually was the dominant forecast at the time and we were very much siting forecast across the board, including those of the federal reserve emma and i think there are number of issues. one is that there were some unforeseen things that occurred. for example, a war in ukraine. now, ukraine and russia are both bread baskets and energy baskets for the world, and those have put considerable upward pressure on prices. so for example, inflation, which is unacceptable he high, let's get that clear right out of the gate, went up 1.3% in june. again, unacceptably high increase. half of that increase is energy prices alone. since then the pri

jared bernstein now with us from the white house. are you worried about that? that it will require the fed to dramatically raise rates now? >> the fed is already raising rates in an appropriately aggressive manner. when president biden renominated chair powell to the fed, he has since been reappointed and many others on that slate are now over there on the fed board. he has full faith in that pivot they're engaged in. by the way, those of us that have looked at monetary history now that it is unusual for a president to be so supportive of a fed in a rate hiking cycle like this one -- >> neil: i don't know about that. jimmy carter had support in paul volcker. he helped the economy and got inflation under control and also contributed to jimmy carter's defeat. >> it's a great point. you're correct about that i was thinking about richard nixon and arthur burns and others pressuring back then. and i think the point is that the president has consistently leaned in to the fed as the first and foremost inflation fighter. so simple answer to your question, their pivot i

iechl sure we'll have this discussion again. >>> joining us now, jared bernstein, a member of the whiteel like having a semantic discussion. we know justice potter stewart a big debt of gratitude, don't we. >> we know it when we see it >> we know it when we see it it's kind of like that with the recession. we know how americans are feeling. gas prices are down. that's great $4.50. so you save 60 cents, 70 cents from the highs, but it's still double what it was, so americans are still hurting. i want to read from senator warren's op-ed because it speaks to me. mr. powell should remember that the one medicine in the kit that he has doesn't treat the economic illness that we have, low unemployment and high inflation are painful, but manufacturing a recession that puts millions of americans out of work may not even work on high prices, so it seems weird that that's what we're orche orchestrating, and it's not a good way to do business. >> a lot to unpack there as well as the conversation becky just had with steve i guess i would really object to this kind of semantic claim. the two of them

joining us in washington is jared bernstein. you for being with us on fox news sunday. >> my pleasure, shannon. almost a year to the day that president biden said no serious economists out that we would enter a period of unchecked inflation. 9.1% as of this week. how did the white house get this so wrong? >> that was the dominant or cast at the time. we were fighting forecasts across the board. i think there were a number of issues. there were some unforeseen things that occurred. for example, the war in ukraine. ukraine and russia are bread baskets and energy baskets for the world. that has put considerable upward pressure. inflation, when is -- which is unacceptably high went up 1.3% in june. unacceptably high increase. half of that increases energy prices alone. since then, the price of gas has come down $0.50 a gallon. 20,000 gas stations where gas is below dollars a gallon. still too hi, but that is moving in the right direction giving american some much needed breathing room. it is a move in the right direction. >> let's t

that's the biggest pressure point we face. >> jared bernstein, thanks for your time. >> my pleasure. >>> we have new details in the january 6th investigation. what the committee could learn today from former trump chief of staff nick mulvaney, who's sitting for an interview today. s sitting for an interview today welcome to allstate, where you can bundle and save. isn't that right phil? i'm in the metaverse, bundling my home and auto insurance. bundle home and auto and save. call a local agent or 1-888-allstate for a quote today. for too long, big pharma has been squeezing americans for every penny, and inflation has only added to the pain. but congress has a historic opportunity to deliver relief, by passing a bill to let medicare negotiate lower drug prices and put money back in the pockets of seniors. 87% of americans support the plan, and applaud the senators who are standing up to big pharma. let's make history. vote yes to let medicare negotiate lower drug prices. there is nothing glamorous about migraines. since i was a teenager the pain has taken me away from my family and fr

joining us now, jared bernstein, a member of the white house counsel of economic advisers.t's great to see you. overall a good report. employment recovering on all the jobs lost during the pandemic. that's good news. what areas of concern do you have? >> first of all, before we jump to areas of concern, which we will and we must, let us underscore a bit your opening points. i mean, we have one of the most remarkable labor market recoveries, and as all this gray hair on my head shows, i've been doing this for a long time. the bounceback in jobs after the pandemic-induced recession has been the fastest on record. as you mentioned, private sector employment now not just back to where it was pre-pandemic but above. we have many industries, manufacturing by the way is a real success story that had been surpassing their pre-pandemic job counts. and i think that's really important that we have this welcoming job market, this very strong backdrop, because we know this is why it's at the core of biden onlyics. middle class families depend on the economy, and that's particularly impo

jared bernstein joins me ahead. >>> and proxy battle. republican primaries pit sitting governors against former president trump who says it's a matter of when, not if he runs. what will the gop look like in 2024? i'll speak exclusively to the republican governor in arizona, doug ducey, next. >>> the january 6 committee will lay out what former president trump did during the insurrection. is it a crime? i'll speak with congresswoman elaine loria in moments. >>> hello. i'm dana bash in washington where the state of our union is really feeling the price hikes. president biden is back in washington this morning, and brushing back criticism of his meeting and fist bump with saudi's brutal crown prince this week. >> why don't you guys talk about something that matters? >> the face-to-face oil enriched saudi arabia comes as they try to take on gas priceses and inflation. inflation rose 9.1% in june compared to last year without any easy solutions. president biden returns to a domestic agenda that once again has been stymied by democratic senato

jared bernstein, thank you so much.for that little tutorial there. i can't even remember the whole name. >> thank you. >> thanks so much. >> thank you. (vo) get business internet from verizon, the network businesses rely on. ditch cable and switch to verizon business internet, with fast, reliable solutions, nationwide. find the perfect solution for your business. from the network businesses rely on. i brought in ensure max protein with 30 grams of protein. those who tried me felt more energy in just two weeks. uhh... here, i'll take that! yay!!! ensure max protein, with 30 grams of protein, 1 gram of sugar enter powered by protein challenge for a chance to win big! if you have age-related macular degeneration, there's only so much time before it can lead to blindness. but the areds 2 clinical study showed that a specific nutrient formula can help reduce the risk of dry amd progression. ask your doctor now about an areds 2 supplement. with age comes more... get more with neutrogena® retinol pro plus. a powerful .5% retin

. >> and next, jared bernstein a member of the white house council of economic advisers for updated reports prices nationwide in the dropped an average of 50 cents per gallon over the last 34 days. he noted it's on the fastest declines of retail gas prices in a decade.

alex: white house economic adviser jared bernstein said on fox news sunday that the administration isng americans breathing room when it comes to gas prices and predicting that they will continue to inch lower. mike: alex, thanks very much. with inflation rising at record pace high prices at the pump are not the only surging cost weighing heavy on americans joining me now live to weigh in wealth management chief investment officer and fox business contributor scott martin, scott, welcome. >> fist bump to you by the way. mike: brand-new fox poll, condition of the economy, 17% excellent or good, 84% fair or poor, scott, what is your assessment? scott: terrible. is that on the list, mike, i tell you i'm surprised the 17% that actually think things are okay. the reality is is where the numbers are going and they are going down. as talked in the previous segment we are trying to claw back on mistakes whether in gas prices, general inflation, overseas policies and so forth and right now the administration is struggling to even get back to halfway to where we were and so you are going to see

jared bernstein, thank you very much for joining us. >> thank you, wolf. >>> coming up, how russia isdan's gold. it's a cnn exclusive. we'll share it with you when we come back. that's a lot. so, adding " “and student” might feel daunting. but what if a school could be there for all of you? career, and family and finances and mental health. happy birthday. well, it can. national university, supporting the whole you. flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight at alz.org/walk if you have this... consider adding this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare supplement plans help by paying some of what medicare doesn't... and let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. so if you have this... consider adding this. call unitedhealthcare today for your free decision guide. ♪ with xfinity internet, you get advanced security that helps protect you at home and on the go. you fe

joining us now is a member of the white house council of economic advisers, jared bernstein.joining us. >> pleasure to be here. >> very good news, obviously. these are really strong numbers, higher than what was expected. did they catch you by surprise? >> well, i always expect these monthly numbers to jump around a bit relative to expectations. one of the things we like to do at the council of economic advisers is smooth out some of the monthly data by looking at longer-term averages so you filter out the noisy data, try to pull the signal out. 375,000 jobs per month on average over the past three months, so that's the second quarter. that's a bit slower, if you go back a couple of quarters, but it's still extremely strong job growth. this is a welcoming labor market. and that is slowing from a break-neck pace of 500,000 to 600,000 to something closer to 350,000, 375,000 range is precisely what the president was talking about in transitioning to more stable, steady growth rates. >> obviously the unemployment rate is just one metric of the economy and there are others that ar

i'll be back with more news after a quick break, including a talk with jared bernstein, a member of thensel of economic advisers. we'll talk about what president biden is expected to say when he speaks at noon about the economy. you're watching "jose diaz-balart reports." >>> good wednesday morning. i'm lindsey reiser in for another busy hour. this morning we begin with the biden administration tackling two major issues on the world stage. this morning president biden held a high-stakes call with china's leader xi jinping. it was their first phone call in four months and they were expected to discuss ukraine. looming over the call, new sparks with nancy pelosi with a trip to taiwan. >>> we're also following critical developments concerning the detainment of americans in russia. the biden administration has proposed exchanging imprisoned arms dealer viktor bout for the release of americans brittney griner and paul whelan. but the kremlin spokesman says there has been no agreement on a deal so far. joining us right now to discuss these issues, nbc news washington correspondent and moderat

here to talk about all this is economic adviser to president biden, jared bernstein. thank you for coming in. let's talk about that inflation report. your former colleague in the obama administration, jason furman, called it brutal, adding, there is absolutely nothing good in it. larry summers says, no one can -- nobody, rather, can suppose that inflation is under control. in his statement, president biden dismissed it as out of date. if you don't think 9.1% is the inflation rate the last month, what is it? >> first of all, let's be clear. the president himself said repeatedly after that report came out that inflation is unacceptably high. remember, this is a president who grew up in a family where issues like the gas of price and the price of food were kitchen table issues. he has dispatched his team to do everything we can to ease price pressures. it is his top domestic economic priority. now, in terms of the out of date, i think what the president meant there, is since that report came out, the price of gas is down about 50 cents a gallon. that's about the fastest

. >> but white house economic adviser jared bernstein defends the president's approach and believes itl eventually provide americans more breathing room. >> actions he has taken far are providing real relief to the american people. >> the republicans will continue to sound the alarm on inflation and this could be a bad omen for democrats heading into the primaries. reporting live in washington. i'm basil, john. well, thank you for that update. basil. well, still to come on the kron, 4 morning news watch out when the e. >> this can be the end skittles bay area woman files a lawsuit against skittles saying the maker has left a toxic chemical. it cited their candy. we're going to tell you about that and more once we get back from break. >> the san francisco public works their piloting 6 trashcan models on the city streets this week. the city hopes the new cans will help keep streets cleaner. public works is face some pushback on the amount of money and time they spent on the program. the 3 custom design, trash cans and 3 off the shelf models arrived after 3 and a half years of design prot

white house economic adviser jared bernstein. >> some gas prices have gone down $0.50 a gallon since last inflation report. that's about the fastest decline in about a decade. >> it is still way too elevated. and bernstein believes the price tag on gas will continue to decline. but i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got a told the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, ever

white house economist jared bernstein says despite surging inflation, americans should remain confident the u.s. economy is strong. families across the country are facing unacceptably high levels of inflation, but they also have a strong labor market behind. the bernstein says the national unemployment rate is at prepandemic levels and in june, more than a dozen states reported their lowest unemployment rates ever. that trend is your friend right now. if you're a working american council. but according to a recent survey by bankrate dot com, economists are not as confident as the white house. there's a great deal of confusion right now about what the state of the economy is because we have this pandemic influence dynamic. mark hamrick is a senior economic analyst with bankrate dot com. he says, well, job numbers are good. quite remarkable. he fears one wrong move for the federal reserve as it tries to control inflation. >> could send the economy over the edge. broadly speaking, economists are concerned about the risk of a recession. the white house says the strong state jobs report show

so, today i would like to welcome jared bernstein a member of the council of economic advisers, backo the briefing room. jared is here to talk about the strong economic progress we are making and the enormous opportunities congress has ahead to continue that progress. we are really glad to have him here again. and i welcome you back to the podium. >> thank you so much. opening statement after which i will take questions. president biden, who grew up in a family where the price of gas was a kitchen table issue has elevated easing price pressures as his top economic priority. we economists think of this in terms of inflation, inflationary expectation, interest rate changes, a vast array of complicated concepts and measurements for the fact is it comes down to affordability and the need among american households for a bit of breathing room and making ends meet. therefore we are very happy to report the current drop in the price of gas down 50 cents per gallon over the past 34 days is with the fastest declines in retail gas prices in the decade. at current prices the average american dri

with us to talk about this is jared bernstein, member of the white house council of economic advisers thank you for having the time to talk with us. i think it's important when we're talking about the gasoline. the prices have been falling precipitously over the last three weeks. this report does not reflect that, the falling gas prices. >> that's a really important point. probably the first thing we want to think about when we get under the hood of this report. you look at the data, and i think you may have a chart on this. you will see the gas price, as of today, was $4.63 a gallon. there you go. that is way off its peak in mid july of 5.02. down $0.40 a gallon. oil, as you see, falling more quickly. nothing against the bls who does a great job with these numbers, but this report is through june. through july, there is some relief, but let's be clear. unacceptably high inflation for american household. that was the president's clear message on this not just this morning but the rep is elevated inflation episode. we're doing all we can, and some of our work is helping at the pump, bu

jared bernstein, good to see you. us, and we'll look forward to seeing you. >> we're always glad to see people at work at the white house, even if it's in my earpiece. >> absolutely. >>> coming up, we're going to talk more about president biden's saudi arabia trip. we'll debate it with former senator heidi dheitkamp and former senator judd gregg. >>> craig jell nick is on at 9:00 a.m we're coming right back. >>> coming up, we're going to talk about the needle that president biden is going to attempt to thread on his upcoming trip to saudi arabia. on the one hand saudi is a global energy giant. on the other it's facing intense criticism for the killing of a "washington post" columnist. we'll get into all of that next when "squawk box" returns. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. when you need h

shannon bream will be interviewing jared bernstein, a member of president biden's council of economicalso interview florida senator rick scott, leading gop's plan to try and retake control of the senate come november. "positive -- fox news sunday" at 2 p.m. eastern here on the fox news channel. and remember, so important, arthel -- arthel: it really is. people are stressed. people are stressed. so glad you joined us today to. we will be back, eric and i will be back tomorrow at noon eastern, and we hope to see you then as well. ♪ gary. and for unexpected heartburn... frank is a fan of pepcid. it works in minutes. nexium 24 hour and prilosec otc can take one to four days to fully work. pepcid. strong relief for fans of fast. age is just a number. and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein. ♪ ♪ >> hello, everyone. charlie hurt, leo terrell, and welcome to the "big saturday show." >> kamala harris' staffers need to be abl

jonathan: that is jared bernstein, white house council of economic advisors.e are south of $4.50 a gallon, the average gasoline price in america. they have been falling since the middle of june. tom: other commodities. i am looking at chicago copper. a stunning statistic. even with the worry of the food crisis and david malpass coming up, even the brains are somewhat quiescent as well. jonathan: are they getting less greedy, those companies? they decided to be generous and just bring prices down. tom: i have no idea what this headline means. heathrow refuelers to go on strike. that is another inflation strike? how much worse will heathrow get? kailey: it is hard to see how it cans. you already have them restricting capacity. they have been dealing with labor issues and alice strike of the people who want to put the fuel back in the planes, i cannot imagine that helps with the delayed cancellation situation that one of the busiest airports in europe was already dealing with. jonathan: a test run later this summer, tom. tom: still constructive even off the apple

d dana's guests are doug ducey and jared bernstein. master plan to reshape the united states government and the republican party. steve bannon, divided we fall, begins tonight at 8:00 p.m. eastern here on cnn. thank you again for sharing your sunday morning with us. have a great rest of your day. when they got a crack in their windshield. [smash] >> dad: it's okay. pull over. >>>> tech: he wouldn't take his car just anywhere... ♪ pop rock music ♪ >> tech: ...so he brought it to safelite. we replaced ththe windshield and recalibrated t their car's advanced safety system, so features like automatic emergency braking will work properly. >> tech: alright, all finished. >> dad: wow, that's great. thanks. >> tech: stay safe with safelite. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ if maga republicans get their way, abortion will be banned nationwide, with no exptions. medicare and social serity will end in five years, with no replacement. eltions will be decided by politicians, with no regard for yo vote. if maga republ

more comfortable if somebody like robert wolf were over at the white house and when you have jared bernstein of americans, john, say that the economy is headed in the wrong direction, i believe we are in a soft recession right now, we have had two quarters of negative growth, and so they've got to bring in some business leaders and i don't always agree with robert wolf, you know, john, and he did a great job running a major bank. i would love to see that. i'm worried about the country right now. >> john: robert, you want the job? >> i'll say thank you, steve. >> john: thanks for your thoughts, appreciate it. gillian. >> gillian: vladimir putin is visiting iran, his first foreign trip since invading ukraine and comes as tehran is warning it has the capability to build a nuclear bomb at a time of its choosing. this comes just days after president biden signed a pact with israel to make sure the regime does in the ever gain that capability. general jack keane, general, this is a pretty balsy move by putin travelling overseas while his own military, at his orders is busy carrying out this illega

economic adviser, jared bernstein, was on the sunday show this morning, and said the president is unequivocal not calling it mission accomplished, on any of this. we're talking about the decline, that is completely insufficient. and referring to gas prices, coming down a little bit, in the last month. they predicted it would be coming down, even more. but the forecasts are so volatile, we really cannot -- he lightly defended, the president, in the middle east today, saying a more economically stable secure middle east, only does good for america, but as you kind of a top your, show, you've heard from during -- bernie sanders, a lot of republican lawmakers, are really firing back against the president today, as he comes back from saudi arabia. alex? >> all right, thank you so much. from the white house, we appreciate that. let's bring in jeff mason, white house correspondent, hey to you. i am glad to have you here. you heard them reference jarrett bernstein, let's say no -- first of all, about the sense inside the white house today, what was the primary goal of the strip? and did the president

senior economic advisor jared bernstein denies any hypocrisy, though. >> there is no both way thinking at all. >> it was putin's fault. when they are coming down he gets the credit. >> i think what's happening here is a president working tirelessly to address the largest constraint, probably the toughest constraint facing american households right now. we're showing you here today some real results partially -- partially derive from concrete efforts he has taken. >> harris: the national gas price average is still up by more than $2 a gallon rising since biden took office, long before the war in ukraine. only last month it hit $5 for the very first time ever. critically for biden, voters remember. a new survey has biden's approval on the economy at 30%, his lowest yet. lower than trump or obama ever saw. the president has said american families are doing just fine. that same poll shows them spending less money on entertainment, gas, groceries and using credit cards more often. steve forbes, chairman and editor in chief of forbes media is on the mezzanine in "focus" today. what i notice

jared bernstein alluded to the fact that there could be climate change executive orders coming. listen to this. >> the president will aggressively fight to attack climate change because he knows it's one of the reasons that he's here and it is absolutely core to transitioning from where we are to where we need to be. >> saying it could not come up with a plan, which is why the reason might take the step. when arriving back at the white house from his trip to the middle east, the president alluded to the fact that we might have to wait a few more weeks to see if inflation comes back down. he does not plan to change his policy at all. a new fox news poll shows 38% of voter as prove of the president's energy performance. 25% of people say that they approve of the president's performance on inflation. 3/4 disapprove the president's top energy adviser told me in israel the current policies are working. >> i think that the challenge always is when prices go up, people want to see action and they want to see the price come down as a result and want it done right away. the challenge on

listen to white house adviser jared bernstein. >> we're happy to report that the current drop in the per gallon over the past 34 days is one of the fastest declines in retail gas prices in a decade and since gasoline prices affect the prices of other goods and services through transportation costs, food a good example, both households that drive and households that don't yield some benefit from lower gasoline prices. >> reporter: so there was some positives spin from bernstein. but we just saw the numbers. 75% of americans see inflation as their top economic concern, only 25% of them approve of biden's efforts trying to turn it around. so there is a real messaging gap between what the white house wants to say it is doing and what americans are perceiving every day when they go to the pump or when they go to the grocery store. now of course biden campaigns on just this thing, being able to take control of the economy, being able to turn the nation around after the pandemic. and the pessimism around the country, it seems hard that americans believe that he is doing that right now. and

i asked white house economist jared bernstein if he wishes the fed move faster to get out of the emergencyort mode to inflation fighting mode. and he stressed that the white house continues to have great faith in the federal reserve and is not going to meddle in fed affairs. he said history is littered with residents interfering with fed rate hike cycles per this president has committed to staying out of that so what is giving the fed breathing room to step up against inflation, but needs for families, mortgage rates, student debt, the risk of course is that if the fed overdoes it and ends up slowing the economy. >> what about home prices, home sale? are some potential good news for homebuyers? >> the fingerprints of the fed are all over the housing market. they skyrocketed because borrowing cost raise so high. 5.3% is the average, 30 year fixed rate mortgage. that is nearly double a year ago. sometimes it has hinged up a bit, but it is way higher than a year ago. and i think for homebuyers, the bad news is that some people are just not going to be able to afford to get a mortgage. there d

jared bernstein in his comments about, "listen you should be happy gas has come down $0.74."that shows a real disconnect where the president's and the white house and his spokespersons are compared to where the reality is. >> carley: congressman wall street editorial board had this to say, president biden inherited growing economy to war back from the pandemic and barely a year and a half to take us back to the 1970s. about the best word for what we have been stagflation. a combination of slow growth and rapidly rising prices. this is the policy mix of trillions of spinning, heavy regulation and the threat of higher taxes and easy money and time to do the opposite they say. the only problem is the president wants to double down on extra spending and reconciliation bill to the tune of billions of dollars. also a corporate tax hike. if this bill passes, what happens to the economy? when will we feel those effects question work >> yeah, "the wall street journal" nailed it. basically what they are describing is what unfortunately schumer and mansion have cut a deal on which is to

and then the other path that the white house is taking that the president's economic adviser jared bernsteinold me on sunday, and others have said since is focusing on executive -- their executive power, whether it's a national emergency on climate, whether it is invoking the defense production act in a more aggressive way. the problem with that they understand very well at the white house is that executive action is only as good as the amount of time that that current president is in, if somebody comes in afterwards, it can be changed really quickly, which is why legislation is the way to actually codify laws in the united states of america. >> all right. dana bash, ron brownstein, thank you. >>> thank you. so sesame place is apologizing for a character who appears to ignore two young black girls, though the character interacts with other guests. >> we will speak with the mother and aunt of those two girls next. flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight

by the way there is a whole bunch, we'll have clips on our show, friend jared bernstein in 2019 saying quarters. brian deece. it is a silly debate. it was a lousy report. no consumer spending. housing is crashing as you may know. business investment is negative. we have worse, the july numbers are coming in worse. so this is going to be a recession. we have not seen the worse of the recession, frankly the fed's tightening moves are not yet reflected. first half recession was about hijacking inflation and declining real wages, declining real retail sales. the worse worst of this is still in front of that. i regret to say that i don't like recessions. you don't either. reality is it things will get worse before it gets better. >> why i think this is ridiculous campaign to trot everyone out there last 24 hours. it will get worse. we saw new home sales implode, by the price of a new home go from 590,000 to 460,000. that is scary stuff. >> pending home sales? charles: down 8.6% month over month. things are not slowing down. they're crashing. i have a feeling we'll have a jobs report real so

jonathan: jared bernstein there, the white house council of economic advisers weighing in on the situationtes. tom making academia jokes, is that right, academic jokes? tom: yeah, we were talking about an academic institution far south of manhattan. i never get below 59th street so i haven't been down there. it's where the more leftist universities are. jonathan: is that right? i'm going to get a quick check of the market. equity futures look like this on the s&p 500. we've had three days of gains on the s&p, can we make it four? market open about 45 minutes away. tom: we welcome all of you with two conversations from the white house as jon ferro and i visit washington. heather boushey with us right now. she's a member of the council of economic advisors. that does not. describe how important her position is. her book, "unbound" stopped economic traffic and number of years ago looking at the situation. she has an economic pedigree very different from most, including working at the university of how browner and bernstein, the new school of social research in washington. how are you treated

jared bernstein joins me ahead. >>> and proxy battle. republican primaries

white house economic adviser jared bernstein. >> some gas prices have gone down $0.50 a gallon since the last inflation report. that's about the fastest decline in about a decade. >> it is still way too elevated. and bernstein believes the price tag on gas will continue to decline. i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got to tell the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. butrflorida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, eve

that's jared bernstein, the white house economic adviser, was on one of the sunday shows this morning to kind of lay out what the white house is looking at. he said that it's not acceptable. here's some of what he had to say. >> no denial at all about the unacceptability of these elevated prices. we've talked about some of the actions were taking, particularly in the energy space but also when it comes to ports, getting goods from ship to shelf. we're doing everything we can to help ease pressures. congress needs to step up and do a lot more. >> bernstein went on to say that this was the reason we're saying biden really hundred and a global energy increases. but in terms of what congress can do, you are just talking about senator manchin impeding the negotiation on reconciliation. manchin saying at a local radio station in west virginia over the weekend that he did that because of the inflation crisis we're seeing. because people are struggling day-to-day, he wants that to be the focus. bernstein going on to say, in response to senator manchin, that president biden is adamant. if he c

white house economic adviser jared bernstein.ave gone down $0.50 a gallon since the last inflation report. that's about the fastent decline in about a decade. >> it is still way too elevated. and bernstein believes the price tag on gas will continue to decline. but i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got a told the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we

white house economist jared bernstein says despite surging inflation, americans should remain confident the u.s. economy is strong. families across the country are facing unacceptably high levels of inflation, but they also have a strong labor market behind them. bernstein says the national unemployment rate is at prepandemic levels and in june, more than a dozen states reported their lowest unemployment rates ever. that trend is your friend right now. if you're a working american council. but according to a recent survey by bankrate dot com, economists are not as confident as the white house. there's a great deal of confusion right now about what the state of the economy is because we have this pandemic influence dynamic. mark hamrick is a senior economic analyst with bankrate dot com. he says, well, job numbers are good. quite remarkable. he fears one wrong move for the federal reserve as it tries to control inflation could send the economy over the edge. speaking, economists are concerned about the risk of a recession. the white house says the strong state jobs report shows that econ

. >> white house economic adviser, jared bernstein, defends the president's approach and believes it will eventually provide americans more breathing room. >> actions he has taken far are providing real relief to the american people. republicans will continue to sound the alarm on inflation and this could serve as a bad omen for democrats heading into the primaries reporting in washington. i'm basil, john. >> thank you, basil. a 22 is the time coming up after the break. the city of santa clara now expanding its shuttle service to cupertino. we'll tell you how much the california state transportation agency is going to help with that project. we'll be right back. why hide your skin if dupixent has your moderate-to-severe eczema or atopic dermatitis under control? hide my skin? not me. by hitting eczema where it counts, dupixent helps heal your skin from within, keeping you one step ahead of eczema. hide my skin? not me. and that means long-lasting clearer skin and fast itch relief for adults. with dupixent, you can show more skin with less eczema. hide my skin? not me. serious allergi

do you share jared bernstein's optimism that we may see gas prices under $4 in most states in the weekstances and oil happens to be up $4 a barrel and that could be slightly problem attic and we've been down $33, as oil has moved $125 a barrel and those input costs that jared talked about mean that gas stations will, in fact, have some maneuvering room to lower prices going forward and the switch in oil prices to gasoline prices and it's also downward pressure over the last month, month and a half that we've seen in oil that should, at least for the moment have pressure to the down side and we're somewhere between summer driving season. >> because he's right, gas prices have been going down over the last month and is that a leading indicator to you in any sense that perhaps it's a good sign for, like, the recession outlook and that recession watch? >> well, you have to flip that around. it's a good sign for inflation and the question is is there what they like to call the economic world demand structure. does the price of oil get so high that people are curtailing their purchases of gas

elizabeth: jared bernstein said two quarters of negative gdp is not a recession.said, yeah, that is a recession. he said that back in 2019. watch this. >> well the definition is really crossing zero but i take your point. i think if, you know, people will feel a gdpdown shift from 3 2%. >> the president's policies. >> idea of two quarters of negative gdp is technical definition of a recession is wrong. elizabeth: you see that? he went after trump, right? saying we're basically trying to say we're in recession. now says we're not. past 10 times the u.s. have had two straight quarters of economy shrinking recession was declared. what is he talking about? >> look, by the way that recession he was talking about under trump when we have had covid and we shut down the economy. if trump were -- elizabeth: defend 19. he said that in 2019. >> the economy was strong. are you kidding me. we had huge wage gains. here's my frustration, liz. if trump were president today we wouldn't be talking about a recession, are you kidding me? we would be talking about huge growth rates of

. >>> in the meantime, jared bernstein is standing by, a member of president biden's council of academic it out, the rate hike is coming in likely hours. do you think the fed -- are you worried the fed could go too big? >> we're very careful not to get into the fed's knitting in any kind of specifics regarding their interest rate policy in terms of too small, too big. what we have great faith and the president has said this many times is both the importance of the fed's independence but also members of the fed board including the chair that the president renominated. so look, history is littered with presidents who were harassing the fed including our predecessor when they were contemplating rate hikes. this president isn't anywhere close to that because he recognizes that the central bank is the first and foremost fighter against these unacceptably high inflationary pressures. >> let me ask you about tomorrow because that's when new gdp numbers will be coming out. it could bring news that the u.s. economy shrank for the second quarter in a row. and the white house, we know usually sees

jared bernstein went on to say that while inflation has remained at a 40 year high, there was still strongh, wage increases and strong consumer spending. most consumers feel the impact of inflation every time they go to the grocery store these days. prices of some kitchen staples like chicken or a specially high box news, michelle bend or spoke with chicken farmers about how they're getting squeezed by the cost of doing business. it's all corn free. soy free sundays in sacramento means shopping at the farmer's market. it also means caring more cash, especially for chicken covid started the prices for our feed and labor have had skyrocketed. it's kind of significantly with inflation. the biggest thing that we have right now across the board is our feed poultry farmers, jeremy fish of honest fish company and dan jones with sloat farms say the cost of feeding the chickens is starving their budgets. the only thing as far as overhead costs that you know, they keep going up and up and up and up and up and up like it's tripled within the last two years. independent farmers use organic nontraditio

. >> but white house economic adviser jared bernstein defends the president's approach and believes itentually provide americans more breathing room. >> actions he has taken far are providing real relief to the american people. >> now republicans will continue to sound the alarm on inflation and this could be a bad omen for democrats going into the primaries. reporting live in washington. i'm basil, john. all right. thanks. a lot of isil. >> it is 5.22. and coming up on the kron 4 morning news wastewater is helping one local county track down covid-19. we're going to tell you about how the samples are used to gauge the current case surge. more on that. coming up. ♪ at usaa we've been called too exclusive because we only serve those who've honorably served. all ranks. all branches. and their eligible family members. yep, that is exclusive. and we're fine with that. without the right start to your day... your morning could hit a wall. that's not the door. i got it! belvita breakfast biscuits are baked with slow-release carbs and provides steady morning energy to help you rise and thrive.

white house economic adviser jared bernstein. >> some gas prices have gone down $0.50 a gallon since the last inflation report. that's about the fastest decline in about a decade. >> it is still way too elevated. and bernstein believes the price tag on gas will continue to decline. i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got to tell oil companies to stop ripped off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, every pr

. >> the white house economic adviser, jared bernstein, defends the president's approach and believest will eventually provide americans more breathing room. >> actions he has taken far are providing real relief to the american people. >> now republicans will continue to sound the alarm on inflation and this could be a bad omen for democrats heading into the primaries reporting live in washington. i'm basil, john, thank you. basil. >> time now 6.22, coming up after the break, the city of santa clara is expanding its shuttle service to cupertino. we'll tell you how much the california state transportation agency he's going to help with that going to help with that project. we'll be right back. meet leon the third... leon the second... and leon... the first of them all. three generations, who all bank differently with chase. leon's saving up for his first set of wheels... nice try. really? this leon's paying for his paint job on the spot... and this leon, as a chase private client, he's in the south of france, taking out cash with no atm fees. that's because this family of leons has cha