Joe Biden's chief economist left baffled after struggling to explain how money works

Jared Bernstein, the Chief Economist and Economic Policy Adviser to President Joe Biden, found himself in an uncomfortable situation

In a recent cringe-inducing moment, Jared Bernstein, Chief Economist and Economic Policy Adviser to President Joe Biden, found himself in hot water as he struggled to explain the basic concept of how money works. This occurred during an interview for an upcoming documentary titled ‘Finding The Money’, which aims to delve into the complexities of the economy.

The film’s preview teased viewers with the elusive nature of understanding money, even for those deeply involved in economic policy-making. During one particularly uncomfortable exchange, Bernstein seemed to trip over the question of how money is created and circulated.

“We all use money, and yet the questions of what is money, and where does money come from remain elusive,” the film states in the preview.

Initially asserting that the US government cannot go bankrupt because it can print its own money, Bernstein’s response soon descended into repetition and uncertainty.

“The US government can’t go bankrupt because we can print our own money”, Bernstein initially stated, reports the Express. However, when the interviewer sought clarification on the government’s borrowing practices, Bernstein appeared to struggle with coherence.

“Well, some of the language is just confusing. The government definitely prints its own money. The government definitely prints money and lends that money. The government definitely prints money,” Bernstein kept repeating.

“It then lends that money by selling bonds. Is that what that they do?”, Bernstein queried himself. “They sell bonds and then people buy the bonds and lend the money. Yeah,” he eventually confirmed, as if to convince himself of the response.

Despite his position as Chief Economist and Economic Policy Adviser, Bernstein’s struggle to explain fundamental economic principles did not go unnoticed. He openly expressed his exasperation, conceding: “I don’t get it. I don’t know what they’re talking about.”

This episode unfolds against a backdrop where economic matters are a hot topic, with inflation worries, employment concerns, and soaring prices at the center of many conversations.

Even with encouraging signs in employment figures, persistent inflation and its repercussions on interest rates remain a hurdle for numerous Americans, especially those looking to enter the housing market.

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