Parky60 Loc: People's Republic of Illinois

President Joe Biden’s chief economic adviser struggled to explain a simple economic question during a newly released documentary titled “Finding The Money.”

Jared Bernstein stuttered several times when asked why the government borrows trillions of dollars when it can easily just print its own currency.

Critics of Bernstein are also quick to point out that Biden’s economic advisor graduated with a bachelor's degree in music from the Manhattan School of Music.

“Like you said, they print the dollars. So why, why does the government even borrow?” A reporter asked.

In response, Biden’s economic advisor said that the language of it was “confusing,” sparking concern that Bernstein has no idea how bonds actually work.

Bernstein continued to say that he doesn’t “get” what people mean when they propose that the government should print more money rather than borrow it.

This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy.

Jared Bernstein is literally the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy.

He also struggled to describe basic concepts regarding the U.S. monetary system, indicating that he didn’t know how it worked himself.

“Well, um, the uh … so the … I mean, again, some of this stuff gets — some of the … language that — some of the language and concepts are just confusing. I mean, the government definitely prints money and it definitely lends that money, which is why … um … the government definitely prints money and then it lends that money by, uh, by selling bonds. Is that what they do? … They, they uh … they, yeah, they um … they sell bonds … yeah, they sell bonds. Right? Since they sell bonds and then people buy the bonds and lend them the money.

“Yeah, I mean I can’t really talk about it. I don’t get it. I don’t know what they’re talking about because it’s like, the government clearly prints money. It does it all the time, and it clearly borrows. Otherwise we wouldn’t be having this debt and deficit conversation. So, I don’t think there’s anything confusing there.”

This economic advisor has been a crucial part in promoting Bidenomics, which was supposed to slow inflation down and has reached historic levels since the president entered office.

Knightlady

Please tell me that this is a Bee article

Parky60 Loc: People's Republic of Illinois

Nope.

Knightlady

Parky60 Loc: People's Republic of Illinois

OUCH!

LogicallyRight Loc: Chicago

Music student, more like Looney Tunes.

SeaLass Loc: Western Soviet Socialist Republics

Don't be too hard on the poor fellow, a well known person who writes for the NYT has a PhD in economics, along with a Nobel prize in economics and comes across almost as clueless, even if the latter is a LOT MORE confident in his opinions.

DAV

What about logic and common sense ?!?! We have a drought of both. Common sense is an endangered necessity; a victim of the Dumbing Down Of America.

SeaLass Loc: Western Soviet Socialist Republics

As usual, I was being my sarcastic self, but I do agree that "common sense" is a long way from being common these days. The point I was trying to make was that even "highly educated authorities" often take very illogical points of view, thus I am not all that surprised when the the rank and file parrot the same points of view. Of course if any of them actually thought about what they were saying, they might come up with a different narrative.