President Biden addressed the current state of consumer prices on Monday, acknowledging that they are “still too high.”
This statement came amidst his administration’s efforts to highlight recent economic achievements, including a perceived decrease in Thanksgiving meal prices. These lower prices were attributed to higher household incomes rather than a significant drop in grocery costs.
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Biden addresses U.S. supply chain, inflation challenges
Biden’s speech focused on U.S. supply chain issues, a hot topic following his administration’s celebration of seemingly reduced Thanksgiving expenses.
He stated, “Wages for working families have gone up while inflation has come down 65%, giving families a little more money in their pockets, a little more breathing room this holiday season.”
However, he conceded, “But we know that prices are still too high for too many things, that times are still too tough for too many families. We’ve made progress, but we have more work to do.”
Biden targets corporate pricing, touts affordable Thanksgiving meals
In his address, Biden also targeted corporations for their pricing strategies. “Let me be clear: Any corporation that’s not brought their prices back down even as inflation has come down, even as supply chains have been rebuilt, it’s time to stop the price gouging.”
“Give the American consumer a break,” he remarked.
Further, Biden reiterated a claim made by his administration about the cost of Thanksgiving meals this year. He noted that it was the “fourth cheapest ever on record.”
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American Farm Bureau report contrasts with Biden admin’s claims
However, this statement is somewhat contentious. The American Farm Bureau, which has been monitoring holiday meal costs since 1986, reported that the 2022 meal cost was 30% higher than in 2020 and 25% more than in 2019.
The apparent reduction in meal costs is a combination of slight price drops in some traditional items and increased household earnings, but it contrasts sharply with previous years.
Biden urges price reductions in fuel industry amidst ongoing inflation
Biden’s demand for companies to lower prices reflects a broader concern over sustained high inflation during his tenure.
This issue was similarly addressed last year concerning the oil industry. “We haven’t seen the lower prices reflected at the pump, though. Meanwhile, oil and gas companies are still making record profits, billions of dollars in profits,” Biden stated in September 2022 at a White House Competition Council meeting.
He then directly addressed those in the fuel industry. “My message is simple. To the companies running gas stations and setting those prices at the pump: Bring down the prices you’re charging at the pump to reflect the price you’re paying for the product. Do it now,” he demanded.
Biden focuses on balancing economic growth with consumer needs
Biden’s recent comments and actions represent an ongoing effort to manage the financial challenges many American families face.
While acknowledging progress in some areas, such as a decrease in overall inflation and increased wages, the administration grapples with the complexities of supply chain issues and corporate pricing strategies.
The President’s focus on providing relief to consumers reflects a larger narrative of an administration working to balance economic growth with the needs of the average American during a period of financial uncertainty and transition.
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