Fox News hosts Bill Hemmer and Dana Perino pressed White House economic adviser Jared Bernstein on Thursday about recent inflation numbers and the uptick in gas prices.
The hosts questioned Bernstein about the impact of the 40-year record high costs on the average American after a new report showed that the Consumer Price Index (CPI) rose 0.4% in September. The economic adviser said inflation is a global problem and is higher in several other developed countries, then explained that job vacancies are dropping in the labor market.
The discussion began with addressing the “kitchen table issues” of healthcare and energy. A CNBC Monday segment showed an individual explaining that the U.S. can be the dominant oil producer instead of relying on Saudi Arabia. This would offset the increase in gas prices, which rose from an average of $3.70 in September to current average of $3.91, according to AAA.
Hemmer then told Bernstein that despite the passage of the American Rescue Plan in 2021, healthcare costs also rose 6.5% year-over-year.
“Whether it’s energy or whether it’s medical costs, people feel this in their lives,” Hemmer said.
“Totally agree with you, people feel these in their lives. It’s an important point, Bill, one that we should never lose and we don’t,” Bernstein said. “These are kitchen table issues for him [Biden] when he grew up. So, let’s talk about both of those. When it comes to energy, it’s still the case that the price of gas is down about $1.10 from its peak, they fell a penny today by the way. And that’s important because it relates to the release of 180 million barrels from the Strategic Petroleum Reserve.”
“It used to be so much lower,” Hemmer interjected.
Bernstein argued that the White House is doing everything possible to lower costs, noting the Inflation Reduction Act will drop insulin prices to $35 a month and cap prescription drug prices. (RELATED: Doocy Asks Jean-Pierre Point-Blank If Biden Is Responsible For The Rise In Gas Prices)
“I mean, I don’t know, we’re covering this everyday,” Perino said. “People are saying, 86% of them are saying that inflation and the economy are their issue. But it’s even deeper than that, when you are following people who, maybe they don’t pay that much attention to Washington, but all they know is that they’re paying a lot more for gas, housing they’re paying a lot more. They don’t understand why all of these things aren’t working for them, but they do think that whoever the party in power become a referendum, a midterm election, on the president.”
The economic adviser said Biden approaches this issue with “head and with heart,” crediting his actions with a $1.10-per-gallon drop in gas prices since June. He said the president is now urging oil companies to step up refining and production, while arguing prices will increase if Republicans scrap the Inflation Reduction Act.
“If the Republicans want to take down the Inflation Reduction Act, that’s an increase in healthcare costs, that’s an increase in clean energy costs. So, let’s watch that pivot, the policy implications there,” Bernstein said.