The White House is playing up a decrease in gas prices while downplaying the prospect of a recession.
White House economic adviser Jared Bernstein described a 34-consecutive-day decline in gas prices as “a trend, not a blip.” The national average cost per gallon was $4.52 on Monday, down from highs of $5 in June.
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“The price of gas is considerably lower in July than it was in June,” Bernstein told reporters Monday, estimating savings of $25 a month for drivers.
Bernstein dismissed the idea the White House was taking “a victory lap,” despite him underscoring the United States releasing 84 million barrels of crude oil from the 180 million President Joe Biden promised from the Strategic Petroleum Reserve. He also shrugged off the suggestion the White House was trying to have it “both ways” by attributing 9.1% inflation to Russia’s invasion of Ukraine while attempting to claim credit for the 50-cent drop in gas prices.
“You’ve heard the president say in recent days that inflation is unacceptably high and that bringing it down is the No. 1 priority,” Bernstein said. “Actions he has taken thus far are providing real relief to the American people.”
More broadly, Bernstein defended the White House’s record of making economic projections after being adamant inflation would be “transitory.” He said he and his colleagues had been “careful” with their public comments though conceded there was “ambiguity about the length of that work.”
“Based on payroll employment, which, by the way, of course, relates to the unemployment rate of 3.6% and the historically very low unemployment rate for the past four months, those kinds of statistics are anything but recessionary,” the economist said.
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Bernstein, too, stood by Biden’s social welfare and climate spending bill after Sen. Joe Manchin (D-WV) reiterated his concerns it would contribute to inflation.
