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Pierre Yared to Newsmax: Purchasing Power Rising Under Trump

By Newsmax Wires | Thursday, 20 November 2025 11:54 AM EST

Council of Economic Advisers Acting Chair Pierre Yared told Newsmax on Thursday that the latest jobs data show that the Trump administration has been steadily reversing the economic damage caused under former President Joe Biden — and that Americans' purchasing power is finally rising again.

In an appearance on "National Report," Yared said September's jobs report, covering the final month before what he called the "Democrat-led shutdown," demonstrated an economy that had regained momentum under President Donald Trump.

The report showed 119,000 new jobs, more than double the roughly 52,000 that economists had projected.

"It was so good that actually it's above every single Bloomberg forecaster's estimate," Yared said.

"What it shows is that prior to this shutdown, the president's policies were working."

Yared emphasized that the bulk of September's gains came from the private sector — a break from what he described as the Biden-era trend of inflated government hiring.

"Most of the jobs were private-sector jobs," he said. "And all of the jobs were for native-born workers, not illegal immigrants, which is, of course, what was happening in the Biden administration."

He argued the numbers reflect the effect of Trump's renewed focus on pro-business policies and tighter labor market standards.

Yared said the root of today's affordability pressures lies squarely with Biden's four years in office.

"The Biden administration experienced record inflation — more inflation than we had ever had in decades," he said. "Prices went up very rapidly.

"And while prices went up very rapidly, people's wages didn't catch up. Their purchasing power diminished drastically."

Yared said the dynamic has shifted significantly since Trump returned to the White House.

"We have a situation where price increases have stabilized back to historic ranges," he said. "And not only that, we see wages rising faster than inflation.

"So purchasing power has increased while this administration has been in place."

While acknowledging that reversing four years of inflationary pressure takes time, Yared insisted the trendline is clear: "We're slowly undoing that damage."

Yared credited Trump's core economic agenda for the improvement:

– Deregulation to reduce business costs

– A tax bill designed to boost investment and wages

– Tariffs aimed at strengthening American industries

"These policies are doing their job of ensuring that there's more business in America," he said.

Yared added that Americans should expect continued gains.

"You should anticipate greater purchasing power for everyday Americans as they see more money in their pockets."

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