PHILADELPHIA (KYW Newsradio) — President Joe Biden revealed some of the key ways he plans to tackle inflation in an address to the AFL-CIO convention in Philadelphia on Tuesday.
He addressed an extremely friendly audience at the 29th AFL-CIO Quadrennial Constitutional Convention at the Pennsylvania Convention Center. He discussed the strategy of “building an economy around the power and possibilities of working people,” according to the White House.
The theme of Tuesday’s convention was “Labor’s Future is Now.” The meeting and the president’s speech took place amid tension between Amazon and workers at a Staten Island warehouse, who voted to form the company’s first labor union in the country. Starbucks employees at stores in different parts of the country have also voted to unionize.
Overall, a lot of focus was on the economy as a whole and the squeeze many Americans are facing. Inflation soared in May to 8.6% compared to a year ago. The national average for a regular gallon of gas is more than $5 a gallon as the Russian invasion of Ukraine drags on.
“Just since he invaded Ukraine, [gas has] gone up $1.74 a gallon — because of nothing else but that,” he said.
Biden said he was working to keep the price stable with the largest release of oil from the global supply in history. Similarly, he said the U.S. is working with Europe to get 20 million tons of grain stuck in Ukraine out by rail and to market. And, he said he wants to offset higher prices by lowering costs for prescriptions, utilities and internet access.
Efforts by the Federal Reserve to slow down inflation has led to jittery investors and stocks in bear market territory on Monday.
“We can do all this,” he assured. “All I’m asking is for the largest corporations and wealthiest Americans to pay their fair share of taxes.”
The president spoke for about 30 minutes, interrupted by several standing ovations. He touted his record on job creation and his reputation as the most pro-labor president in U.S. history.
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