President Joe Biden addressed corporations on Monday, criticizing them for maintaining artificially high prices as inflation has slowed and some shipping costs have decreased. He called for the end of price-gouging and urged corporations to give American consumers a break. While the annual rate of inflation has cooled from its peak in the summer, it does not necessarily mean that consumer prices are decreasing. Some everyday goods have indeed decreased in price, reflected in lower Thanksgiving costs and a rise in Black Friday shopping this year.
The White House has highlighted these trends as victories for President Biden and his economic agenda, Bidenomics, as he gears up for re-election. However, convincing voters that Biden deserves credit for the strong economic recovery has been challenging, as many give him low marks on the economy. In response to this skepticism, targeting junk fees and addressing inflation have given the White House an opportunity to demonstrate Biden’s actions directly to voters.
As America recovers from the COVID-19 pandemic, prices have surged due to pent-up consumer demand, pandemic-era economic stimulus, and ongoing supply chain issues. Inflation reached record highs, putting pressure on consumer budgets. In an effort to maintain the momentum of this recovery, President Biden announced the launch of a Supply Chain Resilience Council, which will work on preventing future shortages of critical products like drugs and semiconductors.
The council’s creation also involved the unveiling of 30 initiatives aimed at easing supply chain pressures. These efforts seek to build on the progress made in the economic recovery and prevent future disruptions in the supply of essential products.
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