White House: 'You Don't Eat GDP,' Paychecks Matter 'Most'

On Thursday's broadcast of the Fox Business Network's “Cavuto: Coast to Coast,” White House Council of Economic Advisers Chair Jared Bernstein stated that even with the latest GDP report, we “really haven't seen much in terms of slow growth yet.” And the job market is “really what matters to people, you don't eat GDP, your paycheck matters most.”

Bernstein said, “We really haven't seen much in terms of slow growth yet. Let's talk about the job market, because that's really what matters to people, you don't eat GDP, your paycheck matters most. And there, you've seen growth continuing to defy expectations to the upside, stronger job numbers than have been expected, and again, an unemployment rate that's been below 4% for over two years. That's generating real wage gains. On the GDP front, this president has a 25-year record when it comes to real GDP growth. So, I think probably one thing you may be referring to is a kind of downshifting that has to happen as you grow at a breakneck pace out of the pandemic-induced recession, we have to settle back into more steady, stable growth, and I think that's one of the things you're seeing in reports like the one this morning. But in terms of growing at least at or above trend, if you look at at least the year-over-year measure, 3% for this GDP, and the job market numbers I just cited, the economy remains strong, solid, on a steady, stable path.”

Follow Ian Hanchett on Twitter @IanHanchett

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