Jared Bernstein, the EPI economist specifically chosen by the President of the United States of America, Joe Biden, thinks that a recession is not an inevitable part of 2023. He was reportedly having a positive outlook for the American economy for the coming year.
Who Is Jared Bernstein?
Jared Bernstein Education & Early Life
Jared Bernstein was born in Ridgefield, Connecticut. He is 67 years old. He has Jewish decency. His political interests are vested in the Democratic Party.
He went to Ridgefield High School. He has a Bachelor of Music degree from the Manhattan School of Music. He was classmates with the famous American double bassist, Orin O’Brien in the double bass lessons.
After that, he graduated with a Master’s of Social Work from Hunter College, New York City, and later pursued a Master of Arts degree and a Ph.D. in social welfare from Columbia University.
Jared Bernstein: Career And Roles
Bernstein was a faculty of Columbia University, Howard University, and New York University. He was known for his expertise in state, federal, and international economic policies especially income inequality, middle-class squeeze, and mobility; low-wage labor markets, poverty, trends in earnings and employment, and international comparisons.
Jared Bernstein As An Economist
Bernstein is an experienced EPI economist. EPI ( The Economic Policy Institute) is a U.S. non-partisan, non-profit think tank that conducts research on the impacts on the working class by economic policies and trends. He started with EPI in 1992 as a senior official.
He took a brief career pause from EPI to serve as the Deputy Chief Economist in the United States Department Of Labor. The short period was dated between 1995 and 1996.
On his return to the EPI, he was their senior economist and was entrusted with the position of the Director of the Living Standards Program. He was serving as the Director until he was appointed by Biden Economic Advisers’ Council.
His position was exclusively created in order to combat the critical nature of the economic challenges facing America.
Jared Bernstein is a Council of Economic Advisers member. He assumed office in January 2021 under President Joe Biden.
He serves the position with Heather Boushey. He was named one of the members of the advisory council of the Biden-Harris Transition Team in 2020 September. The same team planned the presidential transition of the leader Joe Biden.
He is the bearer of the Advisory Committee of the Congressional Budget Office. Bernstein also honors the
title of the Executive Director of the Middle-Class Working Families Task Force and shoulders the responsibility of the direct management of the project.
Jared Bernstein has also served as a Senior Fellow at the Center on Budget and Policy Priorities from a time period between 2009 and 2011.
Jared Bernstein As An Author
Jared Bernstein is an established economical author of the U.S. His noted publication is All Together Now: Common Sense for a Fairy Economy which was published in 2006.
He is also the one behind the book Crunch: Why Do I Feel So Squeezed? (And Other Unsolved Economic Mysteries) that was published in 2008.
Bernstein is also recognized as the co-author of the recent nine editions of The State of Working America, which is a still continuing analysis article that is issued by the EPI (Economic Policy Institute) since 1988.
The Benefits of Full Employment: When Markets Work for People is another publication that he co-authored.
It is in this work that he notably stated that low unemployment by itself cannot address all the inequities in society, and uprooted that other forms of intervention are still needed to assist disadvantaged populations.
Jared Bernstein: Net Worth
Jared Bernstein as per the latest data has a net worth that is estimated to be above 15 million US Dollars.
Bernstein regarding the fiscal plans for the next year analyzed that a recession was not deemed inevitable and that he thinks there are reasons to be optimistic that the path to a steady and stable transition was plausible and credible.
He issued the statement from the Old Executive Office Building, his Office over the North Lawn of the White House, the official residency of the President of the United States.
He added that you take the help wanted signs out of the window, not the workers out of the shop and that helps to take some pressure off-nominal wage growth.
He also suggested that the forecast of the Federal Reserve for the economic growth of the nation would remain consistent with the help of the model that he and the authorities have in sight for the below-trend GDP.
He further said that the key goal would be to maintain the progress they have made thus far, particularly in the job market, while reducing inflationary pressure.
According to him, the unemployment rate would be on a hike and inflation would be slowing.