President BidenJoe Biden Video showing violence removed from Rep. Gosar’s account after pushback Federal judge rejects Trump’s effort to block Jan.6 documents Expected price increases raise political stakes for Biden MORE On Wednesday he acknowledged that the economic recovery from the coronavirus pandemic has not resonated with the American public due to rising prices and a slowdown in the supply chain, but argued that his schedule would alleviate those problems in the coming months.
Biden, speaking from the port of Baltimore, said “everything from a gallon of gasoline to a loaf of bread costs more,” noting that some Californians were paying more than $ 4 for a gallon of gasoline.
“A lot of people are still worried about the economy and we all know why,” Biden said. “They see higher prices. They go to the store or go online, they can’t find what they always want when they want it. And we’re tracking these issues and figuring out how to tackle them head-on.
“My administration has a plan to finish the job of getting us back to normal from the pandemic and having a stronger economy than ever,” added Biden.
The president set his goals to lower prices, ensure store shelves are fully stocked, and get more Americans back to work during their first trip to promote passage of a $ 1.2 trillion bipartisan infrastructure bill in the Congress. The White House announced during Biden’s trip that it will sign the bill on Monday.
Biden spoke hours after the Labor Department released statistics showing consumer prices grew much faster than expected in October and that annual inflation had reached a 30-year high.
The consumer price index (CPI), which tracks inflation for a variety of basic goods and services, rose 0.9 percent last month and 6.2 percent in the 12-month period ending in October. . The price of rice was largely driven by a 4.8 percent increase in energy costs and a 0.9 percent increase in food prices.
Inflation concerns have proven to be a persistent problem for the Biden administration, as the president’s approval ratings have dropped in recent weeks. A poll released Monday found that 36 percent of adults in the US believe that the state of the economy is the most critical problem for the country, more than any other problem. Of those respondents, 72 percent said Biden hasn’t paid enough attention to the right issues.
Biden argued Wednesday that his administration had put in place the right tools to boost the economy, pointing to stimulus controls, child tax credits and the recently passed infrastructure bill that will invest in public transportation, ports, railways, bridges and pipelines. that carry drinking water. He noted that supply chain bottlenecks caused by the pandemic are to blame for inflation and broader economic frustrations.
The president singled out $ 17 billion in the infrastructure bill designated to modernize ports, which he said would be used to ease congestion in major hubs like Savannah, Georgia.
“On the one hand, we are facing further disruptions in our supplies. At the same time, we are also experiencing increased demand for goods because wages are up, and people have money in the bank because of the strength of our economic recovery, “Biden said.” That is why it is so important that we do everything in our power to stabilize the supply chain. “
Biden spoke with executives at Target, Walmart, UPS and FedEx on Tuesday about efforts to alleviate supply chain disruptions. Those CEOs ensured that Biden’s shelves would be well stocked for the holiday season, the White House said.
“The bottom line is this: With the bill we passed last week and the steps we are taking to reduce bottlenecks at home and abroad, we are poised for significant progress,” Biden said Wednesday. .
“We are already in the midst of a historic economic recovery and, thanks to those steps we are taking very soon, we will see the supply chain start to catch up with demand. Therefore, we will not only see more record-breaking jobs. growth, we’ll see lower prices, faster deliveries too. “