In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. But so far, inflation just keeps getting the better of the U.S. economy and of the Biden administration.
in more than 40 years. But so far, inflation just keeps getting the better of the U.S. economy and of the Biden administration.
"My administration is going to continue to do everything we can to lower the prices to the American people," the president said after a decidedly bleak new report on consumer prices. Gene Seroka, executive director of the Port of Los Angeles, said there were many levers that caused performance to improve in terms of getting goods to consumers and businesses faster. But he specifically credited the "convening powers of the federal government to bring people to the table" and the Biden administration's focus on the supply chain.
Rep. Dusty Johnson, R-S.D., said he saw a need for the additional tools in part after a cheese processor in his state had two million pounds of lactose rot because no carriers would take the product even though 60% of shipping containers were going back to Asia empty. The White House contends that the U.S. can tackle inflation without stumbling into a downturn because the economy is so strong with its 3.6% unemployment rate that it can withstand a slowdown.
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