this post was submitted on 17 May 2024

105 points (99.1% liked)

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105

Awkward moment Biden's economic adviser Jared Bernstein admits he can't explain how money works (www.dailymail.co.uk)

submitted 9 months ago by Amoxtli@thelemmy.club to c/politics@hexbear.net

34 comments fedilink hide all child comments

cross-posted from: https://thelemmy.club/post/12591808

Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or Finding The Money,' despite his role.

He stumbled through concepts, highlighting the confusion around government money printing and borrowing

Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip

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[–] moujikman@hexbear.net 7 points 9 months ago

100%, it can get even crazier too, if people think there is inflation then it causes inflation. Macro-economics isn't real and its 80% in peoples heads, 20% material conditions.