Biden nominates economic consultant Jared Bernstein to head Council
2023.02.15 11:19
Biden nominates economic consultant Jared Bernstein to head Council
By Kristina Sobol
Budrigannews.com – As part of a shakeup in preparation for an anticipated campaign in 2024, U.S. President Joe Biden announced on Tuesday that he would nominate Jared Bernstein, a trusted confidant and long-time economic adviser, to lead the White House Council of Economic Advisers (CEA).
Bernstein, 68, has worked in Democratic administrations for decades and is one of three senior economists on the council. Given that he must be confirmed by the U.S. Senate, he is a familiar and secure choice because he frequently explains Biden policy on television.
Cecilia Rouse, the current chair, will return to Princeton University in March after guiding the U.S. economy through high inflation and record employment growth. Biden’s economic performance remains unappealing to Americans, as evidenced by the continued high costs of essential goods and mortgage rates.
During Bernstein’s confirmation hearing, Republicans are expected to question him about inflation and Biden’s proposed billionaire tax.
Before earning his doctorate, Bernstein, who played in jazz bands and worked as a social worker in New York City, has long supported progressive economic policy. He worked in Bill Clinton’s Labor Department before becoming Vice President Joe Biden’s chief economist.
He wrote and testified to Congress at the Economic Policy Institute (EPI), a Washington think tank, about the growing middle class in the United States, which is a central Biden theme.
According to former Labor Secretary Robert Reich, Bernstein’s diverse experience in the government enables him to put into action the trillions of dollars in infrastructure, manufacturing, and green tax credits that were included in three signature bills last year.
Reich, who previously collaborated with Bernstein, stated, “He has a fantastic understanding of the nuts and bolts of all that.”
Business groups in the United States are concerned that Bernstein’s labor ties and skepticism regarding free trade agreements might make it harder to strengthen international trade ties.
Doug Barry, a former spokesperson for the U.S.-China Business Council, stated, “He represents the status quo, which is not to have a robust trade promotion agenda or more free trade agreements.”
Even though administration officials are aware of the negative connotations that would result from replacing Rouse, who was the first Black American to lead the CEA, with a white man, they point to the diversity of Biden’s team and his decision to name Lael Brainard, a white woman, to head the National Economic Council and Joelle Gamble, a Black woman, as one of her deputies.
According to Heidi Shierholz, president of the EPI, Bernstein spent decades “fighting for worker power,” but the CEA’s lack of diversity was a concern and reflected economics-related issues.
“I do think Bernstein and Brainard are both well-positioned to support the agenda, which is about racial and economic justice,” Bernstein said. “It’s a huge problem and you can see it playing out with the Biden administration team.”
Ed Gresser, vice president of the Progressive Policy Institute, stated that in light of the challenging times that lie ahead, Bernstein’s longstanding ties with Biden will be crucial.
Gresser stated, “What’s important at this juncture is that the people in the administration have the ability to speak truth to power and have a vision of what will happen over the year.”
According to Senate aides, Bernstein is supported by progressive organizations and labor unions, and his confirmation by a simple majority in the Democratic-controlled Senate is not in doubt.
Bernstein referred to Biden’s COVID-19 recovery plan as “a success story” at the event last week, calling it “a success story” for preventing further economic damage and creating 12 million jobs.
However, he acknowledged that the administration’s initial use of the term “transitory” to describe inflation was ambiguous and stated that “the spirit of humility” was necessary to maintain uncertainty.
