White House adamant Biden’s economic plan isn’t slowing wage growth
Christian Datoc
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White House press secretary Karine Jean-Pierre defended President Joe Biden‘s economic agenda after a recent report showed wages failing to keep pace with inflation.
A report published by the New York Federal Reserve Bank showed expected household wage growth decline by 1.3 percentage points to 3.3% in January, the lowest monthly drop in nearly a decade.
INFLATION FELL SLIGHTLY TO 6.4% IN JANUARY
Pressed on how the findings squared with Biden’s claims of economic strength, Jean-Pierre defended the president’s policies but acknowledged the administration has to “continue to fight” for families.
“The president’s economic plan is indeed working, and it’s giving people a little breathing room,” she stated. “We believe that it is important to continue to work to finish the work that the president has started, and that’s what you heard from him very explicitly, just a couple of days ago, when just last week when he talked at the State of the Union and how he sees the economy and the progress moving forward.”
“Real wages are indeed up over the last seven months, which is important since trends are always more useful than one month’s data,” Jean-Pierre claimed. “The second thing is real weekly earnings are up over the last month, so we continue to make progress fighting inflation. As the president said earlier today, his unwavering focus is on continuing to lower costs for families and that’s going to be our focus. We’re going to continue to do that.”
Biden himself devoted a significant part of his State of the Union address to touting his economic wins, specifically the passage of the bipartisan infrastructure law, and asking Congress and the public to help him “finish the job” started in his first two years in office.
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You can watch all of Tuesday’s briefing below.
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