While speaking at the Port of Baltimore on Wednesday, President Joe Biden acknowledged that he’s heard the American people’s concerns over the steep and sudden inflation increase over the last month.
“The American people, in the midst of an economic crisis, that recovery is showing strong results, but not to them,” Biden said. “They're still looking out there. Everything from a gallon of gas to a loaf of bread costs more. And it's worrisome, even though wages are going up.”
Consumer prices are up 6.2% over October of 2020, according to the Bureau of Labor Statistics, after the greatest monthly inflation hike since 1990.
The inflation rate’s hefty increase is exacerbated by the continued supply chain and labor shortages that have seemingly grown alongside it.
Biden insisted that getting the problem under control is a “priority.”
“Many people remain unsettled about the economy, and we all know why,” Biden said. “They see higher prices. They go to the store online, or … go online and they can't find what they always want and when they want it. And we're tracking these issues and trying to figure out how to tackle them head on.”
Biden was originally on hand to talk up his infrastructure bill, and he said that legislation will help ease the challenges consumers are facing.
“By investing in our roads, our bridges, our ports and so much else, this bill is going to make it easier for companies to get goods to market more quickly,” Biden said.
“You've heard me say it before: Infrastructure — infrastructure used to be rated, in the United States, as the best in the world when I got to the Congress,” Biden continued. “But today, according to the World Economic Forum, you know where we rank in infrastructure? Thirteenth in the world. Twelve countries in the world have more modern, efficient infrastructure than the United States of America.”
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