President Joe Biden is due to speak again Friday about his administration’s efforts to help Americans cope with high inflation as he delivered a speech in the port of Los Angeles, noting progress in reducing the backlog at this key facility.
His remarks came after a report Friday morning showed that annual inflation rose to 8.6% in May, exceeding forecasts and marking a new 40-year high. Rising rents and high petrol and food prices have led to the latest indication of the consumer price index or CPI.
In a speech scheduled for around 1:45 p.m. east, Biden is expected to say that inflation is a global challenge and that the United States is the country best positioned to deal with it from a position of strength thanks to its economic policies. which helped the market workers and led to more savings and less debt for families, said a White House official.
Related: Biden’s adviser says the United States would still face “record high inflation” without a $ 2 trillion spending package – and “much higher unemployment”
The president will also emphasize that one of the key ways to fight inflation is by reducing the cost of moving goods through supply chains, so one of his working groups is focusing on removing congestion in the port of Los Angeles and others, the official added. . There are currently about 40 percent fewer containers clogging docks for long periods than last November, according to the White House.
Biden’s moves to curb inflation range from the largest ever release from the US Strategic Oil Reserve to programs aimed at making Internet services free for 48 million low-income households. But economists warn that presidents do not have powerful weapons to fight high prices.
Analysts point out that Biden’s Democratic Party looks on track to defeat in the November by-elections if inflation continues. Americans’ frustration with rising prices has helped keep Biden’s approval ratings low – and provided an opportunity for Republicans to talk before the election.
GOP Sen. Tom Cotton of Arkansas linked the president to high inflation on Twitter shortly after the CPI announced:
Republicans are expected to regain control of the US House of Representatives, with the PredictI betting market giving 88% a chance. The Republican Party has a good chance of regaining the Senate 50-50, as the PredictI sets that probability at 77%.
US shares of DJIA, -2.12% COMP, -4.03% traded sharply lower on Friday after the CPI rose above expectations. Key equity ratios fell this year, with the S&P 500 SPX down -2.33% to about 17% as investors worried about inflation, rising Federal Reserve interest rates to curb high prices and the potential for recession.
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