**Biden Slams Corporations for High Prices**
*President Joe Biden held a press conference on Monday to discuss supply chain resilience and stepped up criticism of corporations for maintaining high prices even as inflation has slowed and some shipping costs have fallen. At the launch of his new White House supply chain initiative, President Biden urged companies to stop what he described as “price-gouging” and give American consumers a break.*
### Inflation Trends and Consumer Spending
During his remarks, President Biden acknowledged that the annual rate of inflation has cooled compared to the highs of last summer. However, it is important to note that this doesn’t directly translate into lower consumer prices. Instead, it indicates that prices are increasing at a lower rate. Despite this, prices for everyday goods have fallen over the past year, leading to lower costs for consumers. As a result, some consumers have had more money in their budgets for activities like holiday shopping, which saw a 7.5% increase over the previous year.
### Claims of Economic Victories
The White House has attempted to frame these broad spending trends and lower prices as victories for President Biden and his economic agenda. This narrative, referred to as “Bidenomics,” is seen as a positive sign for the president’s reelection bid. However, Biden’s role in the strong economic recovery has been a tough sell to voters, with low approval ratings on how he has handled the economy.
### Addressing Inflation Concerns
With the recent surge in inflation, President Biden has directed his attention toward so-called “junk fees,” which he alleges companies sneak into consumer bills. He argues that these additional fees can weigh down family budgets, adding up to hundreds of dollars and making it harder for families to make ends meet. As a result, consumers feel like they are being taken advantage of, strangling their finances.
### Impact of Pandemic Era
As the U.S. economy emerged from the COVID-19 pandemic, prices soared. From April 2021 to present, the average price of all goods rose by 13%, and the average price of food increased by 20%. These price hikes were driven by pent-up consumer demand, stimulus measures, and ongoing supply chain disruptions.
### Biden’s Supply Chain Resilience Council
To address these challenges, President Biden announced the creation of the Supply Chain Resilience Council, which aims to keep the momentum of the economic recovery going. As part of this initiative, he introduced 30 different initiatives to help relieve supply chain pressures and prevent future shortages of critical products.
In conclusion, President Biden’s focus on supply chain resilience and efforts to curb price-gouging reflect his administration’s commitment to addressing economic challenges and protecting American consumers from mounting financial pressures.
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