U.S. President Joe Biden vows to crack down on “price-gouging” by corporations in an effort to give American consumers a break, as he addresses supply chain resilience during the first meeting of the new White House Council on Supply Chain Resilience.
During the launch of the new White House supply chain initiative, Biden criticized corporations for maintaining artificially high prices despite the slowdown in inflation and some reductions in shipping costs. “Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it’s time to stop the price-gouging,” Biden said, urging companies to provide relief to American consumers.
Although the annual rate of inflation has cooled from its peak last summer, consumer prices have not necessarily fallen. However, prices for some everyday goods have indeed decreased over the past year, leading to lower Thanksgiving costs and providing consumers with more disposable income for activities like Black Friday shopping.
The White House has sought to attribute these spending and pricing trends to President Biden’s economic agenda, known as Bidenomics. However, the administration acknowledges the challenges in convincing voters to credit the president for the strong economic recovery, as polls consistently show low approval ratings for Biden’s handling of the economy.
In response to skepticism from the public, the White House is aiming to demonstrate concrete actions taken on behalf of consumers. President Biden’s focus on addressing “junk fees” imposed by companies serves as an opportunity to directly show voters how the administration is working in their best interest and to shift the blame for inflation.
The newly established Supply Chain Resilience Council, which includes 30 initiatives to mitigate supply chain pressures and prevent future shortages, is part of the administration’s efforts to sustain the economic recovery following the challenges posed by the COVID-19 pandemic and supply chain disruptions. President Biden aims to maintain the momentum of the recovery and create a more resilient supply chain system to ensure the availability of essential products like drugs and semiconductors.