President Biden at Port of LA, discusses inflation, supply chain issues – San Bernardino Sun



On the day the U.S. inflation rate hit a 40-year high, President Joe Biden traveled to the Port of Los Angeles, in San Pedro, to discuss efforts to streamline global supply chains and counter rising prices, painting the issue as a worldwide problem fueled largely by Russian aggression in Ukraine.

In a statement released ahead of his late-morning speech on Friday, June 10, at the Battleship Iowa, Biden referred to “Putin’s Price Hike” leading to record gas prices and increasing energy and food costs.

“My administration will continue to do everything we can to lower prices for the American people,” he said in his statement. “Congress must act urgently as well. I call on Congress to pass a bill to cut shipping costs this month, and get it to my desk, so we can lower the price of goods. And, I call on Congress to pass legislation to cut costs for families like energy bills and prescription drugs.”

He also urged Congress to force billionaires and corporations to pay more in taxes.

“The deficit has come down more under my watch as president than at any time in history,” Biden said, “but if Congress would pass tax reform to make the wealthiest Americans and big corporations pay their fair share, we could reduce this inflationary pressure even more.

“These are the most significant things Congress can do,” the president added, “to help families now and complement the Federal Reserve’s efforts to bring inflation down.”

Data released Friday put the May inflation rate at 8.6% above the same month a year ago.

Biden laid blame squarely on Russia for increases at the gas pump, noting that the United States is on pace to produce a record amount of oil next year, with efforts underway to increase that amount.

“But it is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes,” he said. “We all have work to do to get inflation down. What will not help is the plan by some Republicans in Congress to raise taxes on the middle class and working families. That would be a step in the wrong direction, and I strongly oppose it.”



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *