Biden’s Former Economic Adviser: ‘If Obama's a Socialist, He's the Worst Socialist Ever’

November 11, 2013 - 5:46 PM

Jared Bernstein

Jared Bernstein, Vice President Joe Biden’s former economic adviser (AP Photo)

(CNSNews.com) – Jared Bernstein, Vice President Joe Biden’s former economic adviser, said Friday on MSNBC’s “PoliticsNation” that if President Barack Obama was a socialist like Republicans have said, “he’s the worst socialist ever,” because the financial markets are doing so well.

“If he's a socialist, he's the worst socialist ever, because financial markets are in fact the one sector of the economy in many ways that's done the best. If you look at median compensation, it's been flat. If you look at income at the very top of the scale, if you look at corporate profitability, that stuff is off the charts,” Bernstein said.

Bernstein, senior fellow at the Center on Budget and Policy Priorities, and Christina Romer, former White House Council of Economic Advisers chair, predicted in 2009, that Obama’s economic stimulus plan would keep unemployment from hitting eight percent.

“PoliticsNation” host Rev. Al Shartpon accused Republicans of “name-calling” and using “gutter talk” in their criticism of the president.

“They can’t just argue different economic policies or opposition economic proposals. He has to be a socialist. His plan is a job killer. It’s all this name-calling and gutter talk,” Sharpton said.

“We've actually been doing okay, maybe even a little better than okay, given the kinds of head winds and dysfunctional policy that this Congress has been throwing at the economy. Imagine how we could be doing if there were good economic policies,” Bernstein said.

Sharpton referred to a graphic showing the Obama administration had positive private-sector job growth compared to negative private-sector job growth under President George W. Bush.

“If you look at that graph and see where we were, now you see what he’s been able to do against the head wind of the worst kind of obstructionism that I’ve seen in my lifetime, and when you look at the fact, Maria, that some of the people that helped Bush, when you look at the Bush side of the graph, are the ones that are given the worst problems to Obama,” Sharpton said.

"So you’re not even dealing with a total new cast of characters. Some of these guys in the Congress and some of them in the Senate were the same guys that were cosigning what Bush did,” Sharpton added.