Biden Econ Adviser: diff between inflation & price level, need time to acclimate to new price level

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White House Council of Economic Advisers Chairman Jarred Bernstein seems to laments there’s a lag in the public psyche on inflation that they needed “enough time to acclimate to the new price level” and there’s a “difference between inflation and the price level and how people feel about that.”

“When I started driving, gas was 60 cents a gallon, but I don’t walk around annoyed that gas isn’t 60 cents a gallon because, while prices have gone up, incomes have gone up more. That’s where we are. Inflation is back down. Prices, the price level remains too high from the perspective of consumers and voters.”

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Biden Econ Adviser: diff between inflation & price level, needed time to acclimate to new price level

Key Points

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White House Council of Economic Advisers Chairman Jarred Bernstein seems to laments there’s a lag in the public psyche on inflation that they needed “enough time to acclimate to the new price level” and there’s a “difference between inflation and the price level and how people feel about that

• ”

“When I started driving, gas was 60 cents a gallon, but I don’t walk around annoyed that gas isn’t 60 cents a gallon because, while prices have gone up, incomes have gone up more

• Prices, the price level remains too high from the perspective of consumers and voters
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