NEWYou can now listen to Fox News articles!
After July’s inflation report showed prices cooling for the first time in months, White House Economic Adviser Jared Bernstein said the Biden administration still has work to do. do on “America’s Newsroom” Wednesday.
“What I can say today is that inflation was up 0% in the month of July,” Bernstein said. “So cool [inflation] report after big job report, and some much needed breathing space; look, no victory lap… Still high prices in key areas.”
The Department of Labor said Wednesday that the consumer price index, a broad measure of the price of everyday goods such as gas, groceries and rent, rose 8.5% in July from a year ago, down from a year-on-year increase of 9.1 % recorded in June. Prices were unchanged in the one-month period since June.
“Our work here is far from over. I can’t stress that enough,” Bernstein said. “The president will continue to talk about unacceptably high inflation.”
INFLATION REDUCTION LAW ‘A MESS’ AFTER ELIMINATION OF MILLIONAIRE TAX HIKE, AOC CONSTITUENTS SOUND OUT
Asked how the White House plans to deal with 40-year high prices, Bernstein encouraged Americans to look at the “fingerprints” of Biden’s economic initiatives.
Jared Bernstein, a member of the Council of Economic Advisers, says the Biden administration’s work to address inflation is “far from over.”
“One of the biggest downsides in this report is the drop in gas prices. It’s now about a dollar off its high since mid-June,” explained Bernstein. “There are many factors in setting the global gas price, but the release of oil from strategic reserves is one of them.”
But other price rises were big in July and inflation remained stubbornly high: the food index rose 1.1%, putting the 12-month increase at 10.9%, the highest since May 1979. Consumers paid more for items such as cereal, chicken, milk and fresh produce. vegetables
“I think some of our efforts are evident[ed] in the report, but we still have a lot of work to do. Prices are still too high,” Bernstein said.
The White House economist also maintained that funding for new IRS agents from the Democrats’ Inflation Reduction Act will not add tax audits for households making less than $400,000 a year. Under the new spending bill passed, the IRS will receive $80 billion in government funding.
Bernstein also claimed that “most” Americans have never been audited.
“I think what’s been confused in some of this discussion is that finally reversing the long-term bailout, which is actually, in my view, a shadow tax cut for tax dodgers rich, it won’t increase audits one bit,” Bernstein said.
GET THE FOX NEWS APP BY CLICKING HERE
He also explained how the increased staffing of the IRS is aimed at detecting cases of tax evasion, not “tax evasion.”
“What the Inflation Reduction Act does is make it harder for the wealthiest taxpayers to pay your taxes,” Bernstein told co-hosts Bill Hemmer and Dana Perino. “And I don’t think anyone, including you two, would dispute that statement.”
Megan Henney of FOX Business contributed to this report.
Kristen Altus is a production assistant at Fox News.