this post was submitted on 17 May 2024

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politics

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

submitted 6 months ago by Amoxtli@thelemmy.club to c/politics@hexbear.net

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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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[–] SovietyWoomy@hexbear.net 29 points 6 months ago

Economics is easy:

When rich people want money the money printer goes brrr

When poor people need money the money printer is broken and you need to get used to worse standards of living so we can fix it