With confidence in the banking system at critical lows and the nation’s economy poised on the brink of recession, it is essential for the United States to act on advice from the most qualified experts possible.
Republicans on the Senate Banking Committee, however, say the nominee to become the next chair of the Council of Economic Advisers is anything but a trustworthy source of guidance.
As Pres. Biden’s advisor, Jared Bernstein helped fuel inflation while telling Americans it was merely “transitory.”
Now, the president wants to make the guy with that track record (and no degree in economics) the chairman of the Council of Economic Advisors.
— John Kennedy (@SenJohnKennedy) May 10, 2023
Jared Bernstein was nominated for the position and received support from Democrats like Sen. Sherrod Brown of Ohio, who chairs the banking committee.
Brown called Bernstein an “exceptionally qualified economist with decades of experience,” but GOP senators cited the nominee’s past recommendations as evidence that he does not deserve to serve in the influential position.
Among the controversial positions Bernstein has taken is his vocal support for the prohibitively expensive Green New Deal, as proposed by far-left lawmakers like Rep. Alexandria Ocasio-Cortez (D-NY).
Other costly proposals he has endorsed include a mandatory $15 hourly minimum wage, providing universal Medicare, and ramping up government spending on other social programs during periods of low interest rates.
He has also pushed for a hike on the gas tax and the implementation of a wealth tax while urging the Federal Reserve to tailor its policies to address Black unemployment specifically.
In his denunciation of the nominee, Sen. Tim Scott (R-SC) asserted that Bernstein would be the “most extreme” person to ever serve as the Council of Economic Advisers chair if he were to be confirmed.
Energy and Natural Resources Committee ranking member John Barrasso (R-WY) offered a more granular statement of opposition, releasing a lengthy statement outlining the reasons he believes the nomination should be rejected.
“During his testimony before your committee, Mr. Bernstein said he could not recall whether he recommended denying the Keystone XL pipeline a presidential permit,” Barrasso wrote. “He is on record opposing the pipeline. In a 2011 blog post on the pipeline, he quoted approvingly climate activist Bill McKibbon’s idea that ‘Stopping Keystone will buy time.’ If that does not happen, he wrote, ‘then oil from the tar sands will flow, and it will keep flowing until we put a price on carbon or come to our senses, whichever comes first.’”
