Commentary

Pardon me, but I’m feeling a bit smug.  Nearly a year ago, on July 24, 2023, I introduced you to Jared Bernstein, chairman of Biden’s council of economic advisors.

It was his appearance on Fox Sunday News that he became known to me. Host Shannon Bream asked him, “How did the White House get this so wrong?” noting that inflation was at 9.1 percent. He insisted that the president’s economic agenda is helping families achieve “good economic health.”

After a little research, I wrote that she should have asked, ‘How did you get this so wrong.?’

You see, Bernstein graduated from the Manhattan School of Music with his bachelor’s degree in music, studying double bass under the renowned bassist Orin O’Brien.  He earned a Master of Social Work from Hunter College and a master’s degree in philosophy and PhD in social welfare from Columbia University.

He got his economics feet wet in the 1990s with various progressive think tanks and in the Department of Labor, but hardly the resume for the top economics position in the administration.  But then we have seen that with a number of Biden appointments, haven’t we?

It’s why I wasn’t shocked when I saw the cringe moments of Bernstein struggle to explain the basic concept of how money works in a clip from an upcoming documentary entitled “Finding the Money.”

During one particularly uncomfortable exchange, Bernstein seemed to trip over the question of how money is created and circulated.  I couldn’t help but think Milton Friedman must be turning over in his grave.

“Well, some of the language is just confusing, he said. The government definitely prints its own money.  The government definitely prints money and lends that money. Repeating himself, “the government definitely prints money.”

Seemingly asking himself, he says, it then lends that money by selling bonds.  Is that what they do?  They sell bonds and then people buy the bonds and lend the money. Yeah,” he confirms as if he’s convinced himself.

Oddly enough, the episode opens with a backdrop where economic matters are a hot topic, with inflation worries, employment and wage concerns and, of course, rising prices.

Embarrassingly, our chief economist and policy advisor, struggled to articulate fundamental economic principles, and that didn’t go unnoticed by those commenting on the documentary review.

Some noted how he openly expressed his exasperation, conceding, “I don’t get it.  I don’t know what they’re talking about.”

Bernstein’s performance drew criticism from a number of experts, however, this one from The Wolf of All Streets @ scottmelker on “X” was perhaps the most pointed: “This is terrifying.  This is the Chair of the Council of Economic Advisors, the agency providing the President with economic advice on domestic and international economic policy.  He has no idea WTF he is talking about.”

Is it any wonder that Biden said, “Bidenomics … I don’t know what the hell that is, but it’s working,” at a union rally shortly after Bernstein was confirmed.

When asked, Bernstein said, “actually it’s about getting things done that are pretty granular – building the economy from the bottom up and the middle out,” adding “we know it actually resonates strongly with people.”  Not true.

Last month, speaking to the Economic Club of New York, Bernstein spoke highly of  a “track record that looks positive,” but was quick to say, “our work is far from done – no victory laps here.”

Looking Ahead

As I wrote last month, the Heritage Foundation, along with other organizations like the America First Policy Institute, the Conservative Partnership Institute and the Center for Renewing America, are developing economic policy groundwork to present to Trump, should he win in November.

In the 180 days leading up to the elections, inflation and the rising costs to families, will be highlighted in the Trump campaign, along with Biden’s failed immigration policy that we just learned costs taxpayers $8,776 per migrant.

Several of the former president’s economic team, any one of which could put Bernstein to shame, are weighing in, including Kevin Hassett, Russ Vought, Robert Lighthizer, Stephen Moore, and Larry Kudlow.

As for Bernstein …

… perhaps the National Symphony Orchestra will have an opening for a double bass artist.

May God continue to bless the United States of America.