By most measures, Bidenomics has made a lot of progress in the economy with declining unemployment, reduced price of insulin, and more. However, many polls show a disapproving majority among Americans when it comes to Bidenomics performance. U.S. Council of Economic Advisers Chair Jared Bernstein joins Yahoo Finance Live to discuss the economic policies coming from the White House and how it would like to address the public's disapproval.

Bernstein outlines the struggles the American public has been through in recent times from geopolitical conflicts to the pandemic, which may contribute to the disapproval. He explains the directive for the Biden administration: "What we need to do is maintain a strong labor market... continue to put downward pressure on prices, and keep this positive expansion going. That enables enough time for people to reset their expectations around prices... as their real incomes catch up."

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

AKIKO FUJITA: Finally, Jared, you know, I've heard you point to the progress that you have seen in the economic picture, and yet every poll we look at still points to the president struggling with voters in terms of the perception of his handling of the economy. I've seen the White House double down on Bidenomics over the last several months. Why are you so convinced that that's a winning strategy when the perception, regardless of the data, is not good right now in terms of the president and the economy?

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JARED BERNSTEIN: Well, I probably would correct the-- the conclusion about the perception in the following way. If you ask people about the internal components of Bidenomics, investing in manufacturing, investing in clean energy, and not just the Inflation Reduction Act, but also the Infrastructure Act and the CHIPS Act, standing up domestic semiconductor production here, standing up the domestic production of EVs and the whole supply chain there in, the cost reductions I talked about a second ago, ask them about insulin, ask them about clean water, getting-- replacing lead pipes, you're going to get poll numbers that are north of 80%.

So one thing to do is get down and-- you know, roll up your sleeves and ask people what Bidennomics components are doing for their lives. You get a very different result. But that doesn't mean I discount the polls that you mentioned. They're real, they're saying something, no question.

And I think there you have to recognize that the American people have been through a lot. The geopolitical upheaval that we've been talking, about and I'm not just talking about Israel but, of course, Ukraine before that. , pandemic of the likes we haven't seen for 100 years, a 40-year inflation from which we're down 60%, supply chain upheaval, conflict with, you know, our dealings with countries in Asia.