Joe Biden Slams Corporations Over Soaring Consumer Prices, Says 'It’s Time to Stop the Price-Gouging'
By Jace Dela Cruz
Nov 28, 2023 12:47 AM EST
Nov 28, 2023 12:47 AM EST
President Joe Biden criticized corporations on Monday for maintaining high consumer prices despite a slowdown in the rate of inflation and some reductions in shipping costs.
According to CNBC, Biden voiced his concerns during the launch of a new White House supply chain initiative. The president said that corporations that are not reducing their prices even as inflation has slowed and supply chains have been rebuilt need to stop price-gouging and give American consumers a break.
CNBC reported that even if the annual inflation rate has decreased from its peak last summer, it does not necessarily result in a direct reduction in consumer prices; rather, it indicates that prices are increasing slower.
In his bid for re-election, the White House is working to present the overall spending and pricing trends as achievements of Joe Biden's economic agenda, referred to as Bidenomics.
Yet, the idea that Biden deserves recognition for a strong economic recovery was met with doubt among voters, reflected in the president's low approval ratings on economic issues.
Biden emphasized that consumers often feel taken advantage of, saying, "They feel like they're being played for suckers. Which they are."
"It's time to stop the price-gouging... Give the American consumer a break," he added.
In the face of economic challenges brought about by the COVID-19 pandemic, there was a notable surge in prices. According to the Bureau of Labor Statistics, the average price of all goods increased by 13% over a two-year period commencing in April 2021.
Simultaneously, the average price of food has experienced a substantial 20% rise during the same timeframe. According to CNBC, the increase in prices was linked to various factors, comprising pent-up consumer demand, economic stimulus measures enacted amid the pandemic, and disruptions in the supply chain.
Responding to these economic challenges, Joe Biden initiated the Supply Chain Resilience Council to sustain the ongoing economic recovery. The president also unveiled 30 initiatives as part of the council's formation, aiming to alleviate the pressures on the supply chain and prevent future shortages of essential products such as drugs and semiconductors.
As part of these initiatives, Newsweek reported that Biden will ask the Defense Production Act (DPA), originally passed in 1950, to authorize the Department of Health and Human Services to enable investments in "essential medicines."
The White House reportedly considered the medical manufacturing sector to be of crucial importance for national security.
"These actions will help Americans get the products they need when they need them, enable reliable deliveries for businesses, strengthen our agriculture and food systems, and support good-paying, union jobs here at home," the White House said in a statement.
The White House added that the move was part of Biden's agenda "to lower costs for American families."
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