Instead of experts, Biden relies on political hacks

A recent documentary included an interview with Jared Bernstein, chair of the White House Council of Economic Advisers. "Finding the Money," was made by advocates of Modern Monetary Theory (MMT), a controversial line of economic thought that hypothesizes that government budget deficits don't matter.

I’m a retired Certified Financial Planner. Those of us with actual financial credentials understand how both fiscal policy and monetary policy affect the supply of money, inflation, employment and GDP. We know MMT to be socialist hogwash.

In his interview, Bernstein demonstrated a complete lack of understanding of basic economic principles. When asked how money is created in the economy and how the excess money supply can lead to inflation, he fumbled trying to answer this fundamental economic question - one easily answered by any college student who has completed basic economics classes.

Bernstein, however, got his bachelor’s degree in music, his master’s in social work, and his Ph.D. in social welfare. Despite his lack of formal training in economics, he was an economist at the Department of Labor during the Clinton administration and later worked at liberal think tanks like the Economic Policy Institute and the Center on Budget and Policy Priorities. He was chief economist and economic adviser to Vice President Biden from 2009 to 2011. Now, he is the president’s chief economic adviser.

That speaks volumes about President Biden’s economic agenda. Instead of the best and brightest economists, Biden leads the country through painful inflation under the guidance of an unqualified political hack.

Julie Carson Cole

Marion