In a speech addressing the ongoing supply chain challenges in the United States, President Joe Biden admitted that consumer prices are “still too high.”
Inflation battles not over
Highlighting a positive aspect, Biden 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 emphasized that the battle is far from over, stating, “We’ve made progress, but we have more work to do.”
Call to corporations
On the high consumer prices Biden declared that any corporation that’s not brought their prices back down have to start giving the American consumer a break.
This call for corporate responsibility echoes Biden’s previous confrontations with oil companies amid record-high gas prices in 2022. He had sternly addressed the issue at a meeting with the White House Competition Council, stating, “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.”
Lower consumer prices NOW
Biden’s plea for companies to lower prices comes against the backdrop of Thanksgiving meal cost comparisons. While the administration touts this year’s Thanksgiving meal as the “fourth cheapest ever on record,” data from the American Farm Bureau indicates a 30% increase compared to 2020 and a 25% increase compared to 2019. The claim holds true when considering specific reductions in the cost of individual Thanksgiving items alongside increased household earnings.
As the nation grapples with economic challenges and rising prices, piling on top of the migrant issue, Biden’s call for corporate accountability serves as a reminder that there is still work to be done to alleviate financial burdens on American families.
Cover Photo: Unsplash
