US President Joe Biden is under pressure thanks to the high inflation rate in the US. Now he has presented a plan to strengthen his country.
US President Joe Biden wants to fight the high inflation rate by strengthening innovation, targeted investments and more domestic production.
This is “better” than the alternative because the plan “reduces costs, not wages,” Biden wanted to say after a previously circulated excerpt from his speech manuscript. “My plan to fight inflation will cut your costs and cut the deficit,” Biden said in his first official State of the Union address to both houses of the US Congress.
«We have a choice. One way to fight inflation is to lower wages and make Americans poorer. I have a better plan to fight inflation,” Biden said in his speech at the Capitol in Washington, according to the White House. It is about improving the infrastructure, ensuring more innovation and improving transport logistics. “And instead of relying on foreign supply chains, let’s produce it in America,” Biden wanted to say.
The high US inflation rate of 7.5 percent recently is one of the biggest domestic political challenges for Biden. Although the US economy is booming and the unemployment rate is low, many voters are unhappy about rising prices – and partly blame the problem on the government. That’s dangerous for Biden and his Democrats eight months before the congressional elections. His government is trying to lower the inflation rate. Washington can influence many reasons for the rising prices – such as the problems of international supply chains – but only to a very limited extent.
Source: Stern
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