How Is Bidenomics Not 'an Era of High Inflation'? Dalton: 'Take a Look at Where We Started' (June 27, 2023)

The day before President Joe Biden’s big “Bidenomics” speech in Chicago, a reporter put the question to the White House plainly. “So, the Federal Reserve says inflation is double what the Federal Reserve would like to see, and they believe the unemployment rate will go to 4.1 percent. So, how is Bidenomics not an era of high inflation and a rising unemployment rate?” [1]

“Well, take a look at where we started and where we are now. That’s the easiest answer to your question,” principal deputy press secretary Olivia Dalton said [1].

She pointed to COVID-19 and to Russia’s invasion of Ukraine, which she said “sent inflation soaring around the world.” Then she said: “Right now, the United States is in a better position on inflation than any other major economy.” [1]

The reporter followed up on autos. “But we’re seeing layoffs, specifically talking about the auto industry. For example, Ford is saying they’re laying off workers to afford the cost of the transition to EV. The first quarter of this year, Ford lost $700 million on their EV program, lost $600 million last year. So, is that what we can expect with Bidenomics, then?” [1]

“Well, I would just say, looking across the economy broadly, we’re seeing signs of progress,” Dalton said [1].

The video above shows the exchange at the June 27, 2023, briefing. Quotes are from the official transcript published by the American Presidency Project [1].

”Word of the Year”

Dalton opened by introducing National Economic Council Director Lael Brainard, who was making her briefing room debut. Brainard was there to talk “about Bidenomics, which is the word of the day, word of the week, word of the month, word of the year here at the White House,” Dalton said [1].

”Incredibly Popular”

Another reporter asked about the gap between the White House’s message and what voters felt. “And is this big rebrand going to be enough to bridge that divide and turn things around?” [1]

“Well, what I would say is that the President’s economic policies are incredibly popular,” Dalton said [1].

Fox News reported the reaction online. “With who?” author Matt Margolis asked. “Like 26 straight months of negative real weekly wage growth???” economist Tony Sanders wrote [4].

“54 to 36 Percent”

The reporter came back with a poll. “And yet, despite those numbers that you just cited, I mean, according to our last poll, 54 to 36 percent say Donald Trump did a better job handling the economy when he was president than Biden has done so far,” the reporter said. “Is that enough?” [1]

Dalton went back to the Trump years. “Well, what I would say to you is look at where we were when we came into office when, after four years of Donald Trump, unemployment was over 6 percent,” she said [1].

“Reporters grilled White House officials on President Biden’s economic record as he tried to rebrand for his 2024 re-election campaign on Tuesday,” Fox News reported [3].

In that answer, Dalton did not mention the pandemic. For January 2021, the month Biden took office, the Bureau of Labor Statistics reported that “The unemployment rate fell by 0.4 percentage point to 6.3 percent,” adding: “The labor market continued to reflect the impact of the coronavirus (COVID-19) pandemic and efforts to contain it” [6]. Before the pandemic, in February 2020, “the unemployment rate was little changed at 3.5 percent,” the BLS said [5].

”Today We’re Focused on Tomorrow”

A third reporter asked when Biden would offer anything new, asking “at what point does the President have to pivot to be talking about specific proposals for new things that he wants to do in a potential second term or even in the latter part of this term?” [1]

“Well, today we’re focused on tomorrow and laying out Bidenomics and talking to the American people about what that is, how it’s taken shape, and how it’s made a meaningful impact in their lives,” Dalton said. “I don’t have anything to preview for you in the way of future economic announcements.” [1]

“Not Being Patient Enough”

A reporter Dalton called Ed asked why voters gave Biden poor marks. “Why does the White House think consistently, however, that Americans grade the President so poorly on his handling of the economy?” [1]

“Well, look, I just said that we’re just starting to feel the impact of the President’s economic agenda over the last couple of years,” Dalton said. She cited “35,000 infrastructure pro- — projects and shovels in grounds across the country” and “$490 million — billion in private-sector investment coming back to the United States.” [1]

The reporter pushed back. “Some version of what you just said has been said by this White House, though, most of the year. So, at what point does — are the American people going to see this? Or are they just not paying attention to what’s being done and they’re not being patient enough?” [1]

“Look, I think that pe- — people all across the United States of America are starting to see shovels in grounds in their communities,” Dalton said. “And so, you know, as we get farther into implementation, people are going to continue to feel that.” [1]

“Steven, I’m Moving On”

Biden had a lunch guest that day. “President Biden will be hosting President Obama for lunch at the White House this afternoon,” the White House told the pool [2].

One reporter asked about it. “About the lunch, President Obama reportedly told President Biden ahead of 2020, quote, ‘You don’t have to do this, Joe. You really don’t.’ Can you say if a similar message was shared today?” [1]

“I can’t, and I don’t know what you’re referring to,” Dalton said. Pressed, she answered: “I — I don’t know what you’re referring to, and I don’t have any comment on it.” [1]

The reporter turned to the Hunter Biden case. “Does the White House believe Attorney General Garland committed perjury when he testified under oath that Delaware U.S. Attorney David Weiss could bring charges outside of his district?” [1]

“I don’t have any comment on this,” Dalton said. When the reporter tried to continue, she ended it: “Steven, I’m moving on.” [1]

“This President Also Has a Family”

A reporter Dalton called Jacqui asked about Hunter Biden’s place at the White House. “What message is the President trying to send the American people when he invites his son to the state dinner and Camp David, as we saw this past weekend, amid everything he’s going through?” [1]

“Every president of the United States has invited their family to a state dinner. This President also has a family. He is no different. And beyond that, I’m just not going to engage on this,” Dalton said [1].

“The former White House Press Secretary, Jen Psaki, acknowledged that optically that might not have been easier for the White House,” the reporter said. “Like every other administration, like every other president, this President has a family, and he did exactly what many prior administrations have done. And beyond that, I really don’t have any comment on this,” Dalton answered [1].

By the Numbers

54-36: the poll margin for Trump over Biden on the economy that a reporter cited [1].
4.1%: the unemployment rate the reporter said the Fed expected [1].
6.3%: unemployment in January 2021, during the pandemic [6].
3.5%: unemployment in February 2020, before the pandemic [5].
$700 million: the first-quarter EV loss the reporter cited for Ford [1].

What Happened Next

Unemployment hit 4.1 percent. One year later, the BLS reported that in June 2024 “the unemployment rate changed little at 4.1 percent” [7].

Biden gave the speech. For his Chicago address the next day, see HYGO News’ page on Biden’s Chicago speech. For the Garland questions that week, see the page on McCarthy’s talk of impeaching Garland.