CNBC’s Joe Kernan slams Biden adviser for painting ‘pretty picture’ about struggling economy

CNBC anchor Joe Kernen known as out Biden financial adviser Heather Boushey on Monday throughout a heated spat over the administration’s messaging on the struggling US economic system.

The change on CNBC’s “Squawk Field” occurred after Boushey, a member of the White Home Council of Financial Advisers, defended the administration’s progress in combating inflation.

Kernan asserted the Biden administration “normally rejects any blame” for inflation, prompting a retort from Boushey.

“This president put in place a set of insurance policies that mounted the economic system, put it on a greater path, obtained jobs again,” Boushey mentioned. “We created virtually 10 million jobs below the president’s watch. That’s an historic and spectacular accomplishment that has been delivering for folks across the nation.”

In the identical interview, Kernen pointed to indicators of lingering hassle within the economic system as Boushey touted the Biden administration’s progress regardless of rising geopolitical tensions.

“The inventory market clearly has all these items fallacious with it,” Kernen said. “That’s a reasonably image that you simply’ve painted, however it looks like mortgage charges have doubled within the final yr, fuel costs are nonetheless up in all probability 60%, 70% from the place they have been earlier than the president took workplace, inflation’s working at 8.3%, 40-year highs.”

“Fuel costs have come down phenomenally, Joe. You can’t deny that,” Boushey interjected.

CNBC’s Joe Kernan pointed to a significant downturn within the inventory market.

“They have been two-and-change when he got here into workplace,” Kernen responded.

The nationwide common value of fuel was $3.677 per gallon as of Monday, in keeping with AAA. Costs have fallen steadily since hitting an all-time excessive of $5.016 in June, however costs are nonetheless a lot increased than their common price of $2.39 per gallon when Biden took workplace.

Boushey reiterated the Biden administration’s frequent assertion that Russian President Vladimir Putin’s invasion of Ukraine was most liable for the surge in fuel costs.

“We’ve had a geopolitical disaster that has upended oil markets, which is why the president is so centered on transferring us all towards electrical automobiles,” she mentioned.

“If you happen to’re going responsible every thing on the pandemic for inflation, you then’ve obtained to acknowledge that reopening after the pandemic is why we simply obtained again to principally the job numbers that we had earlier than the pandemic, that 10 million [jobs] simply obtained us again to even,” Kernen responded.

“We’re placing ourselves on a greater path now,” Boushey mentioned.

The change occurred days after Kernen additionally challenged Transportation Secretary Pete Buttigieg on inflation – urging the Biden Cupboard member to “be trustworthy” about inflation and different issues going through American households.

In the meantime, Biden personally downplayed the inflation disaster throughout an interview on CBS’ “60 Minutes” on Sunday night time, even after an alarming August Client Worth Index report that confirmed costs leaping by a larger-than-expected 8.3%.

President Biden
President Biden downplayed the economic system’s inflation program throughout an interview with “60 Minutes.”
Getty Pictures

When CBS correspondent Scott Pelley talked about the 8.3% improve determine, Biden responded that costs have been “up simply an inch, hardly in any respect” in comparison with the earlier month.

Pelley pushed again, noting inflation was at its highest stage in 4 a long time. Once more, Biden downplayed the state of affairs.

“I obtained that. However guess what we’re. We’re ready the place, for the final a number of months, it hasn’t spiked,” Biden responded. “It has simply barely, it’s been principally even. And within the meantime, we created all these jobs.”

Biden acknowledged that costs “have gone up” however famous they’ve “come down for vitality.”

“The very fact is that we’ve created 10 million new jobs,” he added.

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