OPINION: This article may contain commentary which reflects the author's opinion.
Fox News host Neil Cavuto became visibly stunned on Tuesday after one of President Joe Biden’s top economic advisers claimed it was “not accurate” that Biden’s blaming everyone but himself over the new inflation report.
During an interview on his Fox News program, Cavuto asked Jared Bernstein about the inflation report released, which shows the Consumer Price Index rose 8.5% in March compared to the same month last year.
That marked the fastest rise since December 1981.
Bernstein did his best to shift the blame from anyone and everyone other than Biden, and Cavuto was not having it.
Below is a transcript of the exchange:
Cavuto: I know the president has blamed a lot of this on Vladimir Putin. I get that. But you must take some responsibility for some of this, the war I see but it reminds me of blaming the weight on the thyroid condition. I know the president and my point is you guys seem to be blaming everyone but yourself for even a tiny part of it.
Bernstein: I don’t think that is accurate.
Cavuto: Wait a second.
Bernstein: It is the war.
Cavuto: I never hear hey, some of this is on me but I am going to fix it.
Bernstein: Wait a second lobby address that directly. First of all March inflation up one point to percent, that is elevated, 70% of that is energy cost. Over 60% is gas alone. We know that Putin has his blood he fingerprints all over the increase in energy.
Cavuto: Energy advance was prior to the start of the war.
Bernstein: We also know that’s what I was going to get out we know that our majors have increased demand in the economy going back to the rescue plan, what do I mean by that, 7.9 million jobs since this president got here, 3.6% unemployment almost the rate at pre-pandemic some of the best household balance sheets and the strongest earnings and that is part of a function of the relief from the American rescue plan.
Cavuto: The also contributed to some of the inflation.
Bernstein: Were looking – here’s where you and I might be on this. Were looking at strong demand and some of that strong demand was a function of the rescue plan which we will stand by all day lower child poverty, bringing an appointment down.
Cavuto: A lot of that started the prior administration but pumped up on steroids. If things are like they are now would you recommend more government spending or would you say we are going to cool it.
Bernstein: Here’s the thing I’ll answer your question precisely that demand is a huge asset to working American families facing the most welcome laboring market in generations if not on record, we need to bring up the supply side of the economy to beat the increase in labor surprised we see that in the energy that we talked about today whether you see 15 or the release but yes we have an aggressive set of agenda items including helping families with childcare, elder chair cost, prescription drugs in decreasing the economy supply-side to meet strong demand. That is the Biden solution.
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