President Biden admitted on Monday that prices are too high but the 81-year-old president ducked the blame for inflation while castigating corporate America for price gauging — there has reportedly been an 18% increase in consumer costs since he took office.
In a speech on supply chain issues, Biden touted a low employment rate and claimed that “inflation has come down 65 percent — giving families a little more money in their pockets and a little more breathing room this holiday season.”
“We know that prices are still too high for too many things — that times are still too tough for too many families,” the president said.
“We’ve made progress, but we have more work to do,” Biden added. “Let me be clear to any corporation that’s not brought their prices back down, even as inflation has come down, even supply chains have been rebuilt: It’s time to stop the price gouging and give the American consumer a break.”
BIDEN: “Wages for working families have gone up while inflation has come down 65%!”
Prices have gone up by 17.6% since Biden took office, while real wages have declined by 3%. pic.twitter.com/fFhHN1ZQ56
— RNC Research (@RNCResearch) November 27, 2023
The first solution to the problem Biden referenced was “tackling junk fees,” while claiming “MAGA Republicans in Congress are pushing back on our efforts.” He also claimed Republicans “want to go back to the bad old days when corporations looked around the world to find the cheapest labor they could find, just to send the jobs overseas and then import the products back to the United States.”
Biden announced the launch of a new Council on Supply Chain Resilience and “an early warning system that uses data to spot supply chain risks to our economic security, our national security, our energy security, and our climate security.” He also touted a “first-of-its-kind supply chain agreement with 13 countries in the Indo-Pacific… to help us identify supply chain bottlenecks.”
“And I’m proud to announce that I’ll be invoking what’s known as the Defense Production Act to boost production of essential medicines in America, by American workers,” he added. “Because you notice we’ve had — people had to get certain kinds of shots. It was not available. You had to get it overseas.”
For what it’s worth, the Defense Production Act is from the Cold War-era.
The Heritage Foundation responded by sharing economic changes that have taken place since Biden was elected, tweeting: “Since President Biden took office, Americans have faced increasingly higher prices for food, gas, and other common household items. And while prices have been going up, wages have been going down, placing additional stress on family finances.”
Since President Biden took office, Americans have faced increasingly higher prices for food, gas, and other common household items. And while prices have been going up, wages have been going down, placing additional stress on family finances. That’s #Bidenomics.@HeritageDataViz pic.twitter.com/ALfuZptTvK
— Heritage Foundation (@Heritage) November 27, 2023
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Tom Tillison grew up in Maryland before moving to Central Florida as a young teen. It is in the Sunshine State that he honed both his passion for politics and his writing skills. Tillison also contributes to BizPac Review.
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