Biden economic adviser admits inflation is 'unacceptably high'

White House economic adviser Jared Bernstein on Sunday conceded that current inflation levels are "unacceptably high."

June figures showed a 9.1% annualized rate of inflation, a 40-year high that topped even May's rate of an 8.6% year over year increase. Prices increased 1.3% overall from May to June.

Bernstein appeared on "Fox News Sunday," saying "So, for example, inflation, which is unacceptably high — let’s get that clear right out of the gate — went up 1.3 percent in June."

"Half of that increase is energy prices alone," he added. The average price of gas exceeded $5 per gallon for the first time in U.S. history in early June. He went on to detail the loss in savings for many Americans struggling to cope with rising prices.

“I want to be clear: there are lots of folks who are struggling with this high level of inflation," he admitted, "but as a macroeconomist, when you look at the stock of savings in the economy, it’s up there in the trillions."

“Folks are tapping those savings to continue to keep consumer spending strong," he added, before downplaying talk of the United States facing a recession.

Highlighting the low unemployment figure of 3.6%, Bernstein went on to assert it is “very hard to conclude that we are in a recession when you look at the payroll and the job gains that we’ve seen.”

He also took an optimistic view of the near economic future, noting that gas prices are down from their recent high. “Now, since then the price of gas has come down 50 cents a gallon. There are now 20,000 gas stations across this country where gas is below $4 a gallon," he said.

A recent MagnifyMoney survey revealed 70% of Americans believe a recession is coming.