**Biden calls out corporations for artificially high prices**
U.S. President Joe Biden addressed the public regarding issues with inflated pricing and supply chains on November 27, 2023. The President took aim at corporations for maintaining artificially high prices, despite a slowing rate of inflation and reductions in some shipping costs. Referring to the lack of price decreases in correlation with decreasing inflation, Biden called for an end to price-gouging and urged corporations to “give the American consumer a break.”
**Inflation vs Consumer Prices**
The annual rate of inflation has decreased since the previous summer, but this does not indicate a direct fall in consumer prices. In actuality, the rate at which prices are rising has slowed. Some everyday goods have experienced price decreases within the past year, leading to lower Thanksgiving expenses and boosting spending for events like Black Friday shopping.
**The Repercussions of High Prices**
While the White House is positioning these declining costs as evidence of their economic initiatives, President Biden is struggling to gain public support for his agenda. The President has received low ratings for his handling of the economy, dampening the perceived impact of his successful economic policies.
**Combatting Junk Fees and Price Inflation**
Following this skepticism and in an effort to win back voters, Biden announced a crackdown on what he referred to as “junk fees” that companies allegedly sneak into bills, resulting in poorer households struggling to pay their bills and limiting their buying power.
**The Impact of the Pandemic on Prices**
Following the COVID-19 pandemic, prices across all goods increased, with food prices rising at a staggering 20%. Contributing factors included pent-up consumer demand, economic stimulus, and ongoing supply chain obstacles.
**Biden’s Supply Chain Resilience Council**
Biden’s newly launched Supply Chain Resilience Council aims to further facilitate the economic recovery. The council has debuted with 30 initiatives that are designed to address supply chain headaches and avoid future product shortages, including those in pharmaceuticals and semiconductors.
President Biden’s call for reduced pricing and supply chain reforms reinforces his administration’s commitment to economic recovery and affordability. However, while these efforts are commendable, the public’s perceptions of the economy and cost of living create an uphill battle for the President’s initiatives. The success of these policies will ultimately be determined by public opinion and voting trends.