WASHINGTON – President Biden acknowledged Monday that prices are still “too high” and argued that companies should reduce them after an 18% increase in consumer costs since he took office.
“We know that prices are still too high for many things, that times are still too difficult for many families,” the 81-year-old said near the White House.
“We have made progress, but we have more work to do,” Biden added. “Let me be clear that no corporation has lowered their prices again, even as inflation has gone down, even supply chains have been rebuilt – it’s time to stop price gouging and give the American consumer a break.”
Prices of some goods, such as food, are expected to decline in the coming months, but periods of general deflation are rare in U.S. history.
Biden previously used his pulpit to try to pressure oil companies to take action to reduce gas prices last year.
President Joe Biden speaks on supply chain issues in the Indian Treaty Room of the White House complex in Washington on Nov. 27, 2023. AP
The president also attacked Republicans on Monday, saying they “want to go back to the old days when corporations searched around the world for the cheapest labor they could find, only to ship the jobs overseas and then import the products to USA”. United States,” despite opposition to outsourcing being a signature theme of former President Donald Trump.
“Now we’re building the products here and exporting them overseas,” Biden continued. “We are not importing [sic] jobs. Friends, we don’t import anything other than what we make.”
Trump, 77, is seeking an electoral rematch with Biden next year and promises even more aggressive populist economic policies to “decouple” the United States from China and apply tariffs to force other countries to accept measures that improve American competitiveness.
Biden attends an event on supply chain resilience with members of his Cabinet and administration in the Indian Treaty Room of the Eisenhower Executive Office Building on November 27, 2023. Getty Images
Biden’s economic appeals come as American concerns about the economy and its finances top opinion polls on key issues of the 2024 election.
He has tried unsuccessfully to turn the tide of public pessimism by arguing that the economy is doing well as a result of what he calls “Bidenomy.”
A New York Times/Siena College poll conducted in six swing states earlier this month found that 81% of voters rate the economy as “fair” or “bad,” and 59% said they trust Trump on issues. of economic policy, while only 37% said the same about Biden. .
Transportation Secretary Pete Buttigieg talks about supply chains while introducing President Joe Biden. fake images
Republicans have blamed Biden’s policies for contributing to inflation, and a study this year by the Federal Reserve found that federal stimulus contributed 2.6% to inflation, or about a quarter of inflation per year. above the typical annual target of 2% since Biden took office.
Biden has emphasized other factors that fueled inflation, including supply chain issues related to the COVID-19 pandemic and rising energy and food costs related to Russia’s invasion of Ukraine.
Annual inflation has cooled this year due to aggressive interest rate increases, although it remained at a high 3.2% in October and the interest increases caused fresh headaches for consumers, driving up average rates. on credit cards at 27.81% (roughly double the APR of 14.6% when Biden took office). and average 30-year mortgage rates have soared from 2.65% to between 7 and 8% this year.
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Source: vtt.edu.vn