Biden Admits That American’s Face High Inflation

President Biden has acknowledged concerns about persistently high consumer prices, stating that they remain “too high” and urging companies to lower them. The president emphasized the need for corporations to end what he termed as “price gouging” and provide relief to American consumers. Despite acknowledging progress, Biden noted that there is still work to be done in addressing economic challenges.

Biden specifically called out companies that have not reduced prices despite improvements in inflation rates and the reconstruction of supply chains. He argued for a concerted effort to bring prices down in line with changing economic conditions.

During his remarks, the president took a swipe at Republicans, accusing them of wanting to return to an era when corporations sought cheap labor abroad by outsourcing jobs. In contrast, he asserted that the current administration is focused on building products domestically and exporting them internationally.

Former President Donald Trump, who is eying an election rematch with Biden in 2024, has advocated for aggressive economic policies, aiming to decouple the US from China and leverage tariffs to enhance US competitiveness.

Biden’s economic message comes at a time when concerns about the economy and finances rank high among American voters for the upcoming 2024 elections. Recent polls indicate that a significant portion of voters views the economy negatively, with more trust placed in Trump on economic policy.

Republicans have attributed inflation to Biden’s policies, while a Federal Reserve study found that federal stimulus contributed about 2.6% to inflation since Biden assumed office. Biden has pointed to various factors, including supply chain issues linked to the COVID-19 pandemic and increased energy and food costs due to the Russian invasion of Ukraine, as additional contributors to inflation.

While annual inflation has moderated this year with aggressive interest rate hikes, it remained at 3.2% in October. The interest rate hikes have led to increased consumer costs, including higher credit card rates and soaring 30-year home mortgage rates.

NY Post

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