against by talking about what really matters to this president is not what you label this or that economy. it s how families are doing. that s why he s fighting as hard as he can to eat ease price pressures. ask people how they feel about a 70 cent gas decline. trace: they feel good but everything sells so high that it s killing them. ear work is not done. we re not taking a victory lap. our work is not done. please do not dismiss the work we ve done thus far and the agoses that we ve taken to help the american people deal with these elevated price pressures. it s a big mistake on your party trace: december 19 of 2000, president clinton was asked about inflation and recession i want you to talk about the ports and gas prices and the
officials around here think there are just too many jobs being added or created for us to be in a recession. very notably, after yesterday s gdp numbers came out and recession or not was all the talk here on the white house norths lawn, today the press secretary talked to reporters for an hour and never used the word recession. trace? trace: thanks, peter. white house economic advisinger jared bernstein joins me now. thanks for coming on. we appreciate it instead of, as peter was talking about trying to redefine recession, why not just acknowledge that most americans are having a hard time and commit to fixing it? yeah, when the president talks about inflation, he very much is speaking in that spirit. he talks about the current inflation as unacceptably high. he talks about that as his
quarter is recessionary. there s no way that a six-month period with 3.6% unemployment and 2.7 million jobs created is consistent with what you think of anyone thinks of as a major neil: i see where you re coming from you see the thing that happens during a prerecession is that you lose jobs. we re not seeing that currently. white house economic adviser jared bernstein is standing by as is neil cavuto. first to peter doocy. he s live for us on the north lawn. peter, good afternoon. good afternoon, trace. white house officials are not talking about a recession but they re talking a lot about inflation. they admit that inflation is too high and they think they can start to bring it down by raising some taxes as part of a new bill put forward by senate democrats. we will be financed by ending
inflation reduction act trace: let s talk about we re we re going to talk about that right now we re trying to help american families with price pressures. trace: thanks for coming on. we appreciate your time. also here, your world anchor neil cavuto. i get it. recession is, you know, a recession on inflation, it s bad for poll numbers, right? it s the blame game. the problem is that it s hurting people in sheboygan. the family that has more money going out than coming in. they don t care what the definition is. they want things to change. neil: yeah, i got a kick out of that exchange jared bernstein for whom i have great respect. but talk about some of the good things he s talking about is akin to, you know, asking mrs. lincoln, how did you enjoy the show? it s not the show. it s the reality. things are slowing down. you want to call it recession or not and not stand by the classic
food banks. we ve got serious problems here. i heard jared bernstein said americans should be happy about the price of gas going down. that s because we re in a recession and they re still paying twice as much for gas now as they were when biden was elected. trace: i m glad you talked about the conversation i had with jared bernstein. a very nice conversation. thank you. he also said this and i ll get your comments on the other side. now, yes, we talked about inflation as something that we thought would be shorter lived than it had been. that s in no small part because we didn t see variants of the virus out there and we certainly didn t see vladimir putin s invasion of ukraine. trace: when he said that, david, my whole thing is not only will they not accept the definition of recession but they re still blaming and pointing fingers about inflation. let s be clear. inflation from the time biden