White House's Top Economist Makes Important Concession: 'I'm Not Saying...

Jason Furman, chairman of the White House Council of Economic Advisers, heralded 2014 as a successful year for economic growth, but when pressed, he admitted, “I’m not saying it’s morning in America.”

Council of Economic Advisers Chairman Jason Furman speaks about the economy during the White House daily news briefing at the White House in Washington, Tuesday, Dec. 16, 2014. (AP Photo/Jacquelyn Martin)

Furman referred to “record breaking private sector job growth” in 2014 and said the drop in labor force participation was stabilizing, while the price of gas is lower and the United States is producing more fuel than Saudi Arabia and Russia. He also asserted that the holiday season is showing increased consumer confidence.

But he still faced questions about why the American mood didn’t reflect his optimistic view.

“You saw a decade in which incomes didn’t rise. You saw another huge blow to incomes in the recession. You see us digging out but not all the way dug out of it,” Furman told White House reporters Tuesday. “People are still feeling challenges. People are still feeling not all the way there and our motivation to continue to help. But I don’t think it’s accurate to say that you’re not seeing this translated to sentiment. Every economic measure I’ve seen has improved.”

A reporter asked, “So it’s morning in America?”

“I’m not saying it’s morning in America,” Furman responded.

The phrase “morning in America” became embedded in the American political lexicon after a 1984 campaign ad for President Ronald Reagan regarding how the economy had bounced back from four years earlier.

“I think we’re digging our way out of a really deep hole and we’re still not all the way out of that hole,” Furman continued. “The unemployment rate at 5.8 percent is not all the way to where the unemployment rate should be. Wages are certainly not where they want to be. But absolutely moving in the right direction.”