Biden Laments ‘Worrisome’ Inflation, Stresses Need For Domestic Investments
President Joe Biden on Wednesday tried to quell growing public anxiety over rising inflation, which is driving up the costs of goods for cash-strapped consumers. The cost of living has jumped by 6.2% in the last 12 months – the highest increase in 30 years – the Bureau of Labor Statistics revealed this week.
“The American people, in the midst of an economic crisis, that recovery is showing strong results, but not to them. They’re still looking out there. Everything from a gallon of gas to a loaf of bread costs more. And it’s worrisome, even though wages are going up,” Biden said in a speech in Baltimore, Maryland.
Speaking at the Port of Baltimore, President Joe Biden said his just-passed $1 trillion infrastructure bill would help unclog the nation's ports. Port congestion has been a major source of supply shortfalls, which have driven up prices https://t.co/lyeuocMHSl pic.twitter.com/Bqrtg5jFsC
— Reuters (@Reuters) November 11, 2021
Biden remarked on the ongoing delays in the international supply chain which threaten to disrupt the busy holiday shopping season.
“Many people remain unsettled about the economy, and we all know why,” he said. “They see higher prices. They go to the store online, or … go online and they can’t find what they always want and when they want it. And we’re tracking these issues and trying to figure out how to tackle them head-on.”
Biden said that executives at some of the world’s largest retailers “assured me that the shelves will be stocked in stores this holiday because they signed on to 24/7 as well. They signed on to 24/7.”
The president also stated that the supply chain strain would be mitigated with substantial investments in American infrastructure projects. Next Monday, Biden is expected to sign into law a $1.2 trillion bipartisan bill that was passed by Congress late last week.
“By investing in our roads, our bridges, our ports and so much else, this bill is going to make it easier for companies to get goods to market more quickly,” Biden said.
“You’ve heard me say it before: Infrastructure — infrastructure used to be rated, in the United States, as the best in the world when I got to the Congress,” said Biden. “But today, according to the World Economic Forum, you know where we rank in infrastructure? Thirteenth in the world. Twelve countries in the world have more modern, efficient infrastructure than the United States of America.”