The Biden administration has boasted that 2023 is “a good year for the American worker and the American economy” but says it will “take a while” for people to feel the benefits.
During an episode of CNBC’s “Squawk on the Street” on Friday, Lael Brainard, the National Economic Council Director for Biden, expressed optimism for the American worker and economy in 2023. Brainard acknowledged that it may take some time for people to truly experience this positive change, considering the challenges Americans have faced. However, she believes that the effects are becoming more apparent, as indicated by consumer sentiment data.
Breitbart.com reports: Brainard said, “We’re closing out the year with inflation on a six-month basis at 2%. That’s the pre-pandemic benchmark. That’s a very significant milestone. And with the 2023 close, it’s worth noting just how much progress we’ve seen. Not only has inflation come down faster than even the most optimistic forecast, but growth is very resilient and employment is very strong. Just thinking back to a year ago, that consensus was we couldn’t get to where we are today on inflation without a spike in unemployment and a recession, but the unemployment rate’s been below 4% for 22 months running now and we’ve got more data today and yesterday confirming economic growth is robust. And if you look at after-tax income growth for Americans, 3.7% this year, that’s after adjusting for inflation. So, yes, a good year for the American worker, the American economy.”
After the conversation shifted to polling data regarding public opinions on the economy, she explained, “When I communicate with the president, his main concern is understanding the implications of these positive economic statistics for the American people. Does it mean they will have more financial flexibility at the end of each month? And I can confidently say that the answer to that question is yes. According to the Joint Economic Committee’s estimates throughout his presidency, individuals have approximately $3,500 extra to spend annually, even after accounting for their typical expenses and changes in prices. Overall wealth has increased by 37%. This positive trend can be observed in various areas, such as the gains people are experiencing in their 401(k) investments. Considering the extensive challenges that Americans have faced, it takes time for these improvements to materialize, but I believe we are now witnessing a significant transformation. This was evident in the substantial rise in consumer confidence this morning, which was truly encouraging to witness.”
She stated that efforts to reduce expenses and maintain a robust economy are ongoing.
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