"One of the reasons people feel like they're not keeping up is because real average weekly wages fell during the Biden years because of the inflation, about $5,000. So it fell. However, the president is constantly saying prices have come down. Now, inflation is still 3% it's still too high! He continued: Now, oil prices, energy prices, there are certain things where they have come down, but when you keep saying prices are falling, that's not true"
"Hassett, however, refused and countered that purchasing power has improved this year, insisting the broader trajectory is moving in the right direction. Purchasing power has gone up by about $1,200 this year, he said. He framed the post-pandemic economy as a $3,000 hole Americans had begun to climb out of, pointing to wage gains and policies he said were aimed at cutting costs, from car loans to health insurance."
Joe Kernen pressed Kevin Hassett to acknowledge that claims prices are falling do not match the reality facing most Americans. Kernen said inflation has eased from its peak but remains around 3%, adding to prior inflation and leaving real average weekly wages down roughly $5,000 during the Biden years. Kernen argued repeated assertions that prices are falling misrepresent affordability. Hassett refused to concede, stating purchasing power rose about $1,200 this year and framing the post-pandemic economy as a $3,000 hole Americans are beginning to climb out of.
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