Key takeaways from POLITICO’s “Building the New American Economy” live event.
“There’s this mythology that you can’t have a strong macro economy and have striking workers, I think that’s demonstrably wrong,” Bernstein, one of President Joe Biden’s top aides, said at POLITICO’s “Building the New American Economy” live event. “We have a pretty strong macroeconomy. We have striking workers.”
“There’s a linkage there between workers getting their fair share of the growth they themselves are helping to create and helping to fuel macroeconomic growth in an economy that is 70 percent consumer spending,” Bernstein said. “We’re in a good place. We have low unemployment. We have great job growth. We have strong consumer spending. We have real wage gains,” Bernstein said. “The idea that anyone would throw any size wrench … into that equation is political malpractice.”Republicans still view inflation as a vulnerability for Biden
While there are clear signs the Federal Reserve could achieve a so-called soft landing — which would bring inflation down to its 2 percent target without causing a large uptick in unemployment or a recession — there are plenty of obstacles ahead. Credit conditions could also spark a recession if the Fed tightens monetary policy beyond what the labor market has already sustained, said Heidi Shierholz, a former chief economist at the Labor Department who’s now the president of the Economic Policy Institute.
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