Joe Biden Slams Businesses for 18% US Inflation Rate, Says Prices Still 'Too High'

President Joe Biden convened the inaugural meeting of his supply chain resilience council on Monday, emphasizing the need for fair pricing and assuring efforts to alleviate financial burdens on American families, according to Detroit News.

Acknowledging persistently high prices, Biden asserted, "We know that prices are still too high for too many things, that times are still too tough for too many families. But we've made progress."

Attributing US inflation to supply chain disruptions and Russia's 2022 invasion of Ukraine, Biden's perspective contrasts with Republican lawmakers who associate rising prices to the $1.9 trillion coronavirus relief package signed into law in 2021.

During the council meeting, Biden unveiled 30 actions aimed at enhancing access to medicine, economic data, and various programs related to the production and shipment of goods.

Additionally, he addressed the issue of "junk fees," hidden charges that companies impose without alternative options for consumers.

This council follows a prior task force dedicated to resolving supply chain issues, a factor contributing to elevated US inflation as the United States recovered from the pandemic in 2021.

Joe Biden's 'Bidenomics'

President Biden's economic initiatives, often referred to as "Bidenomics," come amid heightened concerns among Americans regarding the economy and personal finances, positioning these issues as central to the 2024 elections.

Despite Biden's attempts to portray a positive economic outlook, a recent New York Times and Siena College poll across six swing states revealed that 81% of voters rated the economy as "fair" or "poor."

Notably, 59% expressed trust in former President Trump's economic policies, compared to 37% for Biden, per the NY Post.

Republicans attribute inflation to Biden's policies, with a Federal Reserve study indicating that federal stimulus contributed 2.6% to inflation since Biden assumed office.

While annual US inflation has moderated due to aggressive interest rate hikes, it remained at 3.2% in October.

These interest rate hikes, however, brought fresh consumer challenges, evident in average credit card rates reaching 27.81%, double the 14.6% APR at the beginning of Biden's term.

Similarly, average 30-year home mortgage rates surged from 2.65% to a range between 7% and 8% this year.

Consumer Brands Respond to Biden's Supply Chain Plans

In response to President Biden's announcement of measures to fortify America's supply chains, the Consumer Brands Association issued a statement.

President & CEO David Chavern affirmed the association's alignment with the Biden administration's commitment to domestic manufacturing and supply chain resilience.

Highlighting collaborative initiatives like the Freight Logistics Optimization Works (FLOW), Chavern emphasized ongoing exchanges between the administration and private sector stakeholders.

These efforts include food, beverage, household, and personal care manufacturers responsible for sustaining 20 million jobs nationwide.

While expressing appreciation for the administration's attention to supply chain issues, Chavern urged caution, particularly regarding potential tariffs on tin mill steel.

Such tariffs, if implemented, could jeopardize up to 40,000 jobs and accelerate food imports from countries like China, contributing to higher grocery prices.

The Consumer Brands Association urged a comprehensive approach to ensure supply chain improvements do not inadvertently impact US manufacturing jobs or disrupt fluidity in the supply chain.

This article is owned by Latin Post.

Written by: Bert Hoover

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