White House seeking tools for taming high inflation
In countries based on solid democratic fundamentals, people never hesitate to address thorny issues to a government. Americans vented their anger over rising consumer prices in opinion polls and appealed to the White House to deal with the soaring inflation. In response, the government acknowledged the problem.
Inflation began snowballing earlier in the year. In October, the US CPI spiked to the highest mark in the last 30 years. No wonder, Americans immediately reached out to the government in their habitual straightforward fashion. Curiously, Biden’s administration did not accuse citizens of sparking off tensions but they seem to be in tune with average Americans.
In the official speech on the infrastructure plan, President Joe Biden sympathized with economic fears of the nation. “Today, I am here to talk about one of the most prescient economic concerns of the American people ... and that is getting prices down, No. 1,” Biden began his speech. “No. 2, making sure our stores are fully stocked. And No. 3, getting a lot of people back to work while tracking and tackling these two above challenges,” he added. “Everything from a gallon of gas to a loaf of bread costs more, and it’s worrisome even though wages are going up. We still face challenges and we have to tackle them,” the President said. He also referred to the employment data from the Labor Department, saying that the jobless rate was going steadily down. However, high consumer prices put a strain on the well-being of American households.
The US leader highlighted that the US economy had been expanding at the fastest pace for a few decades, accompanied by the lowest unemployment rates since 1950. To some extent, after running at low rates for long years, inflation skyrocketed due to a powerful economic recovery. Sadly, the worst is yet to come. In early November, Federal Reserve’s Chairman Jerome Powell warned about risks of further inflation acceleration. He also pointed out that inflation is likely to moderate in the long term.