Confronting the highest rates of inflation seen since early 1982, President Biden in his State of the Union address declared his top priority as one of “getting prices under control.”
“One way to fight inflation is to drive down wages and make Americans poorer,” said Biden, before remarking: “I have a better plan to fight inflation.”
That plan includes the stepped-up production of automobile and semiconductor manufacturing in the U.S., and a push to lower the price of prescription drugs.
The President also referenced childcare costs, as he proposed legislation that would provide up to two years of pre-kindergarten care, declaring: “Middle class and working folks shouldn’t have to pay more than 7% of their income to care for their young children.”
Biden also vowed to reduce the average American’s energy costs, partly through a combination of tax credits for energy-efficient businesses and homes.
The President’s speech comes just weeks after the Bureau of Labor Statistics reported an inflation rate of 7.5%, with the consumer price index, reflecting increases in the cost of energy, food, and rent, posting a nearly 1% jump in January.
The swift increase in the country’s inflation rate in the last 10 months has been unrelenting, jumping from 0.3% in April to today’s 7.5%. Between early 2017 and the month before the Covid-19 outbreak, the rate hovered about 2.5%.
By Garry Boulard
