Jared Bernstein, who sits on President Joe Biden’s Council of Economic Advisers, on Friday rejected the notion that May’s lower-than-expected job numbers were due to Americans reluctance to return to work while still being able to get paid. unemployment payments improved by the stimulus package proposed by the president due to covid-19.
“As states move forward, you will have different conditions in different places,” Bernstein said. “You’ve heard the president say, if people are offered a suitable job, they have to take it.”
The adviser noted that the United States is still more than 7 million jobs below pre-pandemic levels, while the unemployment rate fell to 5.8%, the lowest rate since before the pandemic, “so man , we’re on the right track, you know, with real alacrity here, but we’re not done. Therefore, it is appropriate to continue to have these benefits,” he said.
“Think of it this way though: you’re in a vehicle heading somewhere. Your foot is on the gas and you’re going faster than you thought it would take, you know, instead of six hours to get there, it will take you maybe four hours, but you haven’t finished the trip yet, you’re about to half, you are three quarters of the way. We can talk about those kinds of timing issues, but you’re not there yet,” he added.
Infrastructure package
Regarding ongoing negotiations with Republicans on infrastructure, Bernstein said the administration’s proposed minimum corporate tax rate is “a safety net against the kinds of loopholes that have invaded our tax code, that have been so beneficial to taxpayers. who are at the top”.
Bernstein also criticized “extremely high corporate profitability” for contributing to greater wealth inequality, warning: “You have this double problem of accumulating income at the top of the scale that is increasingly tax-free, so a minimum solid like this is very important.
He also declined to comment on whether the president was willing to cut the infrastructure package even further, telling MSNBC: “I can only say that the president has been extremely direct in continuing to negotiate in good faith, he has yet to say my road or highway for a long time.
“Keep working with anyone who is willing to oppose your edicts against inaction, that’s the key,” Bernstein said.
“There has to be action, there can be no family tax increases below $ 400,000, and we have to deal with our infrastructure, if we can do it in a bipartisan way, this president will make that happen.”